Praxis Growth Index Fund Class I (MMDEX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number      811-8056          

MMA Praxis Mutual Funds

(Exact name of registrant as specified in charter)

P.O. Box 483, Goshen, IN 46527

(Address of principal executive offices) (Zip code)

Anthony Zacharski, Dechert LLP, 200 Clarendon Street, 27^th Floor, Boston, MA 02116

(Name and address of agent for service)

Registrant’s telephone number, including area code: (513) 362-8000                    

Date of fiscal year end: 12/31                    

Date of reporting period: 06/30/07                    

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Semi-annual Report for MMA Praxis Mutual Funds.

MMA Praxis Mutual Funds

Notice of privacy policy & practices

MMA Praxis Mutual Funds recognizes and respects the privacy concerns and expectations of our customers⁽¹⁾. We are committed to maintaining the privacy and confidentiality of your personal information. We provide this notice so that you will know what kinds of information we collect and the circumstances in which that information may be disclosed to third parties.

We collect nonpublic personal information about our customers from the following sources:

•  Account applications and other forms — which may include a customer’s name, address, social security number, and information about a customer’s investment goals and risk tolerance;

•  Account history — including information about the transactions and balances in a customer’s account(s); and

•  Correspondence — written, telephonic or electronic between a customer and MMA Praxis Mutual Funds or service providers to MMA Praxis Mutual Funds.

We may disclose all of the information described above to certain third parties who are not affiliated with MMA Praxis Mutual Funds under one or more of these circumstances:

•  As authorized — if you request or authorize the disclosure of the information.

•  As permitted by law — for example, sharing information with companies that maintain or service customer accounts for MMA Praxis Mutual Funds is essential for us to provide shareholders with necessary or useful services with respect to their accounts.

•  Under joint agreements — we may also share information with companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements.

We require service providers to MMA Praxis Mutual Funds:

•  to maintain policies and procedures designed to assure only appropriate access to, and use of information about, customers of MMA Praxis Mutual Funds; and

•  to maintain physical, electronic and procedural safeguards that comply with federal standards to guard nonpublic personal information of customers of MMA Praxis Mutual Funds.

We will adhere to the policies and practices described in this notice regardless of whether you are a current or former shareholder of MMA Praxis Mutual Funds.

¹For purposes of this notice, the terms “customer” or “customers” include individuals who provide nonpublic personal information to MMA Praxis Mutual Funds, but do not invest in MMA Praxis Mutual Funds shares.

This privacy policy is not part of the prospectus.

Notice of privacy policy & practices   

Table of contents

Message from the President	1
MMA Praxis Stewardship Investing Report	4
MMA Praxis Intermediate Income Fund
Portfolio managers’ letter	7
Performance review	8
Schedule of portfolio investments	10
Statement of assets & liabilities	17
Statement of operations	18
Statement of changes in net assets	19
Financial highlights	20
MMA Praxis Core Stock Fund
Portfolio managers’ letter	23
Performance review	24
Schedule of portfolio investments	26
Statement of assets & liabilities	30
Statement of operations	31
Statement of changes in net assets	32
Financial highlights	33
MMA Praxis Value Index Fund
Portfolio manager’s letter	36
Performance review	37
Schedule of portfolio investments	39
Statement of assets & liabilities	49
Statement of operations	50
Statement of changes in net assets	51
Financial highlights	52
MMA Praxis Growth Index Fund
Portfolio manager’s letter	55
Schedule of portfolio investments	56
Statement of assets & liabilities	65
Statement of operations	66
Statement of changes in net assets	67
Financial highlights	68

Table of contents   

MMA Praxis International Fund
Portfolio manager’s letter	71
Performance review	73
Schedule of portfolio investments	75
Statement of assets & liabilities	83
Statement of operations	84
Statement of changes in net assets	85
Financial highlights	86
MMA Praxis Small Cap Fund
Portfolio manager’s letter	89
Schedule of portfolio investments	90
Statement of assets & liabilities	94
Statement of operations	95
Statement of changes in net assets	96
Financial highlights	97
Notes to financial statements	100
Additional fund information	112

Glossary of Terms

Lehman Brothers Aggregate Bond Index is composed of the Lehman Brothers Government/Credit Index and the Lehman Brothers Mortgage-Backed Securities Index and includes treasury issues, agency issues, corporate bond issues and mortgage-backed securities.

The Morgan Stanley Capital Index-Europe, Australia and the Far East Index (MSCI-EAFE) is an unmanaged Morgan Stanley Capital International Index that is designed to measure the performance of the developed stock markets of Europe, Australia and the Far East.

The Morgan Stanley Capital AC World Free-(ex. U.S.) Index is a widely recognized, unmanaged index composed of a sample of companies representative of the markets of both developed and emerging markets throughout the world, excluding the United States.

Standard & Poor’s 500 Composite Stock Price Index (the “S&P 500 Index”), is a widely recognized index of 500 selected common stocks, most of which are listed on the New York Stock Exchange.

Standard & Poor’s 500/Citigroup Value Index (the “S&P 500/Citigroup Value Index”), is unmanaged and is constructed by dividing the stocks in the S&P 500 Index into two categories, growth and value, according to price-to-book ratios. Prior to December 16, 2005, this index represented the S&P/Barra Value Index.

MSCI — Prime Market Value Index represents the value companies of the MSCI Prime Market 750 Index. The MSCI Prime Market 750 Index represents the Universe of large and medium capitalization companies in the U.S. equity market.

MSCI — Prime Market Growth Index represents the growth companies of the MSCI US Prime Market 750 Index. The MSCI Prime Market 750 Index represents the universe of large and meduim capitalization companies in the U.S.equity market.

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Gross Domestic Product (the “GDP”), is the measure of the market value of the goods and services produced by labor and property in the United States.

Consumer Price Index (the “CPI”), is an index of prices used to measure the change in the cost of basic goods and services in comparison with a fixed base period.

Price-to-Earnings Ratio (the “P/E Ratio”), is a valuation ratio of a company’s current share price compared to its per-share earnings.

SuperComposite 1500 Index. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-to-earnings ratio, price to-book ratio, and three-year sales-per share growth value, compared to the S&P 500 Index.

The above indices are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. An investor cannot invest directly in an index, although they can invest in the underlying securities.

A

Message from the President

Dear MMA Praxis Shareholder:

After an uninspired first quarter, stocks around the world surged in the second quarter. Domestically, larger companies outperformed smaller ones, and growth stocks are now ahead of value stocks for the year-to-date. International stocks had another strong quarter and out-returned the U.S. market again. The overall U.S. stock market was up a bit over 7 percent for the first half, while international stocks gained almost 12 percent. The broad bond market has been weak in 2007, gaining less than 1 percent. The following chart highlights the six-month performance of major market indexes:

	First Quarter 2007			Second Quarter 2007			Year To Date 2007			Inception To Date 2007
	(1/1/07-3/31/07)			(4/1/07-6/30/07)			(1/1/07-6/30/07)			(5/1/07-6/30/07)
S&P 500 Index1		0.64	%		6.28	%		6.96	%		NA
Lehman Brothers Aggregate Bond Index1		1.50	%		–0.52	%		0.98	%		NA
MSCI Prime Value Index1		0.95	%		5.75	%		6.75	%		NA
MSCI EAFE Index1		4.15	%		6.67	%		11.09	%		NA
MSCI Prime Growth Index1		1.25	%		6.67	%		8.00	%		2.24	%
Russell 2000 Index1		1.95	%		4.42	%		6.45	%		2.58	%

The current market environment is interesting. In every economic cycle there are points where market indicators are particularly confusing. During times like these, investors who try to read the economic tea leaves can be easily whipsawed. So far, 2007 seems like one of these types of market environments as investors vacillated between fears of economic weakness (driven by the housing market) and strength (driven by the private equity buyout boom and a strong global economy). At MMA, our portfolio managers have been reading and hearing an unusually wide variety of opinions and concerns in recent months from both investment professionals and everyday investors. Headline news, such as the battering taken by several hedge funds as sub-prime mortgage debt was marked down, can create a powerful urge in investors to react and “do something.” In our experience, however, succumbing to this temptation rarely adds value. As stated many times in previous letters to MMA Praxis shareholders, we encourage our investors to establish an asset allocation strategy that is consistent with one’s risk tolerance, investment objectives, and time horizon, and stay the course with periodic rebalancing back to the strategic asset percentages.

Portfolio performance

MMA Praxis Intermediate Income Fund

With the Lehman Aggregate Bond Index yielding about 5.7 percent (as of mid-July), intermediate-term investment-grade bond yields are about average relative to their history, and real yields are also about average (T-Bill real yields are actually above average). However, reported inflation has been heavily influenced by the recent volatility in oil prices, so real yields based on reported inflation can be equally volatile. Underlying core inflation is higher than reported inflation, but even by this measure, real yields are in a fair-value range. In looking at potential expected returns from intermediate-term corporate bonds, one could easily make a case that total returns are likely to fall in a 4-6 percent range on average over the next few years, which is in line with their long-term historical average. While some investors may be inclined to look to other asset classes for potential higher returns, the astute investor recognizes the important role bonds can play by insuring portfolios against economic shocks. Although the economy appears to be doing well, there are clearly structural, macro-level, and geopolitical risks. Given this background, bonds should continue to be useful as a portfolio diversifier.

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Message from the President   

¹ Please refer to the Glossary of Terms on page A for additional information on the referenced benchmark indices.

The Class A Share (NAV) posted a small gain of 0.57 percent for the first six months of 2007. These returns lagged the benchmark established for the Income Fund (Lehman Aggregate Bond Index), which returned 0.98 percent over the same time. For an in-depth analysis of this Fund’s strategy, please read the co-portfolio managers’ commentary found later in this report.

MMA Praxis Core Stock Fund

From November 1999 through February of this year, large-caps (Standard & Poor 500) had a total cumulative return of only 9.6 percent (1.5 percent annualized) compared to 72.7 percent (9 percent annualized) for small-cap stocks (Russell 2000 Index). Using historical valuation metrics, this sizable performance discrepancy leaves large-cap stocks bargain-priced compared to stocks of smaller companies. Additionally, stocks of larger companies tend to do better when the U.S. dollar is weak (foreign earnings are worth more when converted back to U.S. dollars and U.S. exports become more competitive), which is partly why mega-cap stocks are now experiencing stronger earnings growth than smaller companies. Very large company stocks also tend to perform much better than small-caps late in the economic cycle. We may or may not be late in this cycle, but nearly all economists would agree that we are clearly past the early stage.

A reasonable question to ask is whether large-cap stocks are cheap on an absolute basis, or only a “less-pricey segment” of an overall market that is expensive. Whether the overall market is expensive is a good question, especially after its very strong second quarter. A plausible short answer is that domestic large-caps are reasonably valued and therefore attractive. However, as usual, another argument can be made that there is risk to this view. U.S. corporations have experienced the greatest earnings boom since World War II, thanks partly to profit margins hitting a 40-year high. So, a reasonable question is: While the stock market looks reasonably valued or even undervalued based on earnings, if profit margins were to move back to “normal” levels wouldn’t the overall stock market then be overvalued? While there is no easy answer to this important question, we are of the opinion that profit margins will eventually diminish, as workers ask for a greater piece of the “profit pie.”

For the first six months of 2007, the MMA Praxis Core Stock Fund Class A Share (NAV) returned 4.92 percent. These returns were less than the established benchmark (S&P 500) for the Praxis Core Stock Fund, which returned 6.96 percent. For a detailed explanation of those factors that contributed to the underperformance, please read the portfolio managers’ commentary, found later in this report.

MMA Praxis Value Index Fund

For the first half of 2007, the MMA Praxis Value Index Fund A Shares (NAV) were up 4.57 percent. The benchmark index for this Fund, the MSCI U.S. Prime Market Value Index, gained 6.75 percent. (Note: it is not possible to invest directly in an index, which does not incur expenses like an index fund.). Over the past five years, A Shares have delivered average annualized returns of 11.69 percent. For investors who are looking for large-cap value exposure in their portfolio, and are committed to an investment process that aligns their values with financial decisions, the MMA Praxis Value Index Fund has proven to be a solid investment choice.

MMA Praxis Growth Index Fund

The MMA Praxis Growth Index Fund was introduced on May 1 and was designed to compliment the MMA Praxis Value Index Fund. Both funds are managed by Chad Horning, CFA, who will manage the Growth Index Fund through a passive indexing strategy intended to replicate the performance of large and mid-sized growth stocks. Combining the Value and Growth Index Funds will allow investors to gain broad, low-cost exposure to the U.S. stock market. As with all MMA Praxis Funds, the Growth Index Fund will integrate MMA’s stewardship investing core values. This process includes screening companies based on ethical values, shareholder advocacy to encourage companies to be more responsible businesses and corporate citizens, and community development investing.

Since May 1, the Fund (Class A Share, NAV) has returned 1.70 percent, slightly trailing its benchmark, the MSCI U.S. Prime Growth Index, which generated a return of 2.24 percent for the same brief time.

MMA Praxis International Fund

Foreign stock markets continued to deliver outsized returns relative to their U.S. counterparts during the first half of 2007. This continues a trend that is now more than five years in the running. Global conditions have remained close to ideal for international stocks. Low interest rates worldwide generated a

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wave of borrowing and investment. European and Japanese companies continued to restructure, squeezing out larger profits which have helped boost share prices. And emerging markets continued to post very impressive returns for the first half of ’07. Against this backdrop, the MMA Praxis International Fund Class A Share (NAV) returned 9.19 percent. The Fund underperformed its benchmark, the Morgan Stanley EAFE Index, which returned 11.09 percent.

MMA Praxis Small Cap Fund

On May 1, the MMA Praxis Small Cap Fund was added to the MMA Praxis Fund family. This new fund is one of the few socially responsible investment options available for those interested in investing in small companies. After an exhaustive search for a top-tier investment manager for the Fund, Luther King Capital Management, Fort Worth, Texas, was selected. Your Fund’s trustees chose Luther King on the basis of the firm’s outstanding reputation for quality, integrity, and stability, as well as their emphasis on achieving competitive, risk-adjusted returns. Fund managers Luther King and Steven Purvis are core style managers, allowing them to add both value and growth-style stocks to the portfolio. We are pleased to have a firm with the outstanding reputation of Luther King to steward the assets of this new mutual fund.

Since the Fund’s inception on May 1, 2007, an investor in the Class A Share (NAV) would have experienced a return of 2.90 percent, which is better than the 2.57 percent delivered by the Fund’s benchmark, the Russell 2000 Index.

Closing thoughts

The first half of 2007 saw several major developments in MMA’s stewardship investing activities. Please be sure to read Mark Regier’s commentary later in this report for a thorough discussion of these important initiatives.

We remain grateful for the trust and confidence you have demonstrated in MMA Praxis Mutual Funds. We take our stewardship responsibilities seriously and endeavor to generate both financial and social returns on your investments.

Thank you for allowing us to partner with you in meeting your financial planning goals.

Sincerely,

John L. Liechty

President, MMA Praxis Mutual Funds

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MMA Praxis Stewardship Investing Report

U.S. shareholder rights threatened

Word has been circulating for several months about potential rule changes at the Securities and Exchange Commission (SEC) that could dramatically alter the rights of shareholders to file advisory resolutions with the U.S. corporations in their portfolios. MMA considers this right of engagement a fundamental part of our practice of stewardship investing.

The SEC will disclose just what, if any, changes will be proposed during its open meeting on July 25. MMA, along with the entire social investment community has been active for weeks, contacting the SEC commissioners, members of Congress, and other institutional investors regarding the significant negative impact we believe such changes could have.

Why is this a big deal for investors? The rule under consideration, 14-a-8 of the Securities and Exchange Act of 1934, governs the ability of shareholders to file advisory (or precatory) resolutions on the annual proxy statements of the corporations of which they are part owners. Over time this has proven to be a relatively efficient, well-governed process facilitating meaningful dialogue between the company and concerned investors. It is a system that safeguards the interests of both investors and corporations to a meaningful degree. Over the past 40 years in particular, this rule has been the basis for transformative engagements yielding dramatic and creative solutions to issues of social, environmental, corporate governance, and financial performance. Unfortunately, there is no guarantee these positive strides would continue to prevail, should this foundational right be lost or substantially weakened.

While one may not agree with the substance of every shareholder resolution (certainly MMA does not), the right of even small investors to file such resolutions is one of the few effective countervailing forces to the dramatic increase in the power and influence of the modern corporation. Rest assured MMA and the MMA Praxis Mutual Funds will be active participants in this debate.

Up-to-date information on the state of the SEC’s proposals and concerned investors’ response can be viewed by visiting the Stewardship Investing section of MMA-online (www.mma-online.org).

Workshop on advocacy with Chinese firms

China has been in the news lately for safety concerns about its products. A variety of food and drug exports have been tainted with toxic substances and even jewelry has been found to contain harmful electronic waste. The rise of China as a global economic superpower has far-reaching implications in the field of corporate social responsibility. Chris Meyer, MMA’s stewardship investing research specialist, recently participated in a workshop that focused on corporate social responsibility in China and the potential of shareholder advocacy with Chinese companies. The workshop was organized in partial response to the negative headlines about Chinese goods. The goal was to try to use the situation as an opportunity to promote social responsibility within a range of Chinese companies.

The workshop provided an overview of Chinese corporate law and served as a primer for possible shareholder engagement with Chinese firms. Shareholder advocacy with Chinese firms remains a difficult and daunting undertaking. Most shares in domestic companies are owned by the Chinese government and shareholders have few legal rights. The concept of corporate social responsibility is also new in China, and interpretations vary. Socially concerned investors have had little engagement in China so far. But they hope to open the door to meaningful advocacy in the coming years as Chinese companies become an ever more important part of global portfolios and a significant influence on the practices of other companies. MMA owns shares of several Chinese companies through the MMA Praxis International Fund. (See the Fund’s commentary in this report for additional details.)

Dell unveils environmental initiative

Dell has officially announced its Zero Carbon Initiative, a series of environmental measures meant to position the company as the greenest technology company on Earth. It will continue to maximize the energy efficiency of Dell products and over time offset their carbon impact. The zero-carbon initiative will also include product lifecycle assessments, management of Dell’s direct and indirect climate impacts, reduction of the company’s carbon intensity, and partnership with customers in reducing waste.

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MMA Praxis Stewardship Investing Report   

According to CEO Michael Dell, “Dell will do its part to protect the Earth’s climate, from providing energy-efficient IT products to using environmentally responsible practices we hope others will embrace.”

Along with other institutional investors, MMA has been meeting with Dell management on a regular basis for several years, analyzing sustainability reports and encouraging the company to further its social practices. The zero-carbon initiative is a positive result of integrating environmental factors into Dell’s business planning process. MMA holds Dell shares in the MMA Praxis Core Stock Fund. (See the Fund’s commentary in this report for additional details.)

Resolutions filed on executive compensation

The vast majority of Americans—and even institutional money managers—feel executive compensation is out of control. As a possible way to keep executive pay in check, some institutional shareholders have turned to shareholder activism. MMA Praxis co-filed shareholder resolutions at four companies (Procter & Gamble, Sun Microsystems, Sara Lee, and Cisco Systems) in April and May on this issue of executive compensation.

The resolutions call for each firm to grant shareholders an advisory vote on the pay of the company’s top executives. In other words, shareholders would have a say on pay. Company management and the board of directors could then use the results as an owners opinion poll of how well they are handling the issue.

Recently, MMA Praxis and other filers withdrew the Proctor & Gamble resolution in favor of productive dialogue with P&G management. P&G has a Compensation & Leadership Development Committee composed of independent directors, and has a pay model based on company and individual performance. This is a good start, and the filers hope to expand this policy to include shareholder input. A roundtable meeting is scheduled for late July.

Sustainability reporting at national grid

National Grid USA, a subsidiary of National Grid (United Kingdom), is an electric utility specializing in the transmission and distribution of electricity and natural gas with customers primarily in the Northeast. National Grid USA has begun talks with a stakeholder team organized by CERES (Coalition for Environmentally Responsible Economies), over its plans to produce a sustainability report and its overall environmental efforts. MMA Praxis is a member of this stakeholder team.

The first meeting of this dialogue took place in late June and focused on National Grid’s proposed outline for their report. It’s an ambitious undertaking, covering virtually all aspects of National Grid’s environmental and social impact. The stakeholder team provided input on the outline and made suggestions. MMA Praxis is especially concerned about greenhouse gas (GHG) emissions, and made this clear to company management. Since National Grid delivers electricity and natural gas to customers rather than generating it directly, areas of GHG focus are on pipeline efficiency (up to 25 percent of gas is lost while in the pipe network) and working with consumers to decrease their use of gas and electricity through conservation and efficiency measures.

Wal-Mart update

After years of prodding and shareholder resolutions filed by MMA Praxis and other concerned social investors, Wal-Mart’s long-anticipated, inaugural sustainability report is scheduled for release in late July. The comprehensive social and environmental report will cover areas such as company diversity, supplier factory conditions, and fuel usage and emissions of the company truck fleet.

In April, MMA Praxis participated in a conference call regarding Wal-Mart’s 2006 Ethical Sourcing Report. The report documents the conditions in overseas factories that supply Wal-Mart’s merchandise, as confirmed through factory audits. The results show that although the audit process is evolving in a positive way, significant improvement is needed to bring many factories into compliance with Wal-Mart (and human rights) standards. The Ethical Sourcing Report will be integrated into the sustainability report.

Periodically, MMA Praxis completes an evaluation for continued investment in Wal-Mart. As part of MMA Praxis’ ongoing commitment to informed investment and shareholder activism in the company, this report highlights the progress the retailer has made in six areas of operation. Wal-Mart must show growth or be engaged in positive dialogue in five of these six areas to support MMA’s continued investment. Examples of

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topic areas include mitigation of hazardous materials, employee health care, and diversity. The most recent report was assembled in June 2007.

The connection between endowment investments and values

Nonprofit endowments, invested primarily in the stock market, provide charitable foundations with financial returns they use to pursue philanthropic missions. However, foundations don’t necessarily align their asset management with their charitable activities. In early January, the Los Angeles Times published an investigative report detailing perceived contradictions between the mission and the investments of the Bill and Melinda Gates Foundation. This series of articles ignited a heated debate about socially responsible investing (SRI) in the area of endowments that has continued for months.

In response, the SRI industry has stepped up its focus to demonstrate the opportunities available to foundations in aligning their mission and investments. The Social Investment Forum, the social investment industry’s trade association, has published a booklet on the subject titled: The Mission in the Marketplace: How Responsible Investing Can Strengthen the Fiduciary Oversight of Foundation Endowments and Enhance Philanthropic Missions. MMA and the MMA Praxis Mutual Funds have been active in lifting up this conversation, particularly among faith-based charities and institutions. We believe there doesn’t have to be a wall between the investments and mission of foundations. MMA’s Stewardship Investing Manager, Mark Regier, published an article proposing a “Third Way for The Gates Foundation” that is available on the MMA Praxis Web site (www.mmapraxis.com).

OneWorld community investing program launched

Finally, for those who want a way to invest individually in hope by creating economic opportunity throughout the United States and around the world, MMA, with Mennonite Economic Development Associates (MEDA), has launched the OneWorld Community Investment program. There are two components:

mPower—A program to end poverty through international microfinance opportunities that will help the working poor out of poverty through microfinancing. mPower directs investments worldwide.

nSpire—A way to invest in communities in the United States to make them stronger and healthier by financing affordable housing, small businesses, and nonprofit community facilities, thereby creating jobs and new avenues of hope.

The program provides investors the opportunity to purchase a Community Investment Note issued by Calvert Social Investment Foundation for as little as $1,000. For more information, contact your financial advisor or visit the Financial Services pages of www.MMA-online.org.

In Good Faith is a new blog from MMA designed to share some of the joys and trials, challenges and opportunities of the complex task we call stewardship investing. MMA has been involved in faith-based, socially responsible investing for more than 60 years. The conviction to connect our faith and values with our investment decisions has come naturally, but has changed greatly over time. Read the blog on the Financial Services pages of www.MMA-online.org.

Mark A. Regier

Stewardship Investing Services Manager

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¹ Calvert Social Investment Foundation, a 501(c)(3) nonprofit, offers the Community Investment Note, a 1-10 year note earning up to 3 percent interest. The Community Investment Note is subject to certain risks, is not a mutual fund, is not FDIC or SIPC insured, and should not be confused with any Calvert Group, Ltd.-sponsored investment product. This is neither an offer to sell nor a solicitation of an offer to buy these securities; the offering is made only by prospectus, which should be read before investing.

MMA Praxis Intermediate Income Fund

Semi-annual report to shareholders

Portfolio managers’ letter

Economic growth during the first half of the year was below the 3 percent underlying growth rate many economists believe to be consistent with a stable unemployment rate. The main drag on growth was the weak housing market.

Inflation was generally moderate with core inflation up roughly 0.2 percent. Headline inflation was worse due to higher energy and food processing investments. Combined with a view that economic growth would not slow much below the 2 - 2.5 percent range, the market began to incorporate the notion that the Federal Reserve would remain on hold for an extended period. As a result, longer-term rates rose and short-term rates fell.

The yield curve shifted from inverted to a slightly upward sloping shape. The 10-year Treasury note rose 33 basis points (a basis point is .01 percent) while three-month Treasury bills fell 20 basis points. With rates at those levels, the market largely was incorporating a view that the Fed would be on hold for the rest of 2007.

There were two periods of rising volatility during the first half. The first was in late February through mid-March and the second was in June. Both were periods that saw swap and credit spreads widen. Swap spreads are essentially the yield premium AA rated banks pay for loaning money to each other. After the first risk flare, credit spreads tightened again, but swap spreads only partially recovered. In June, swap spreads widened again while credit gradually gave ground. The main reason for the June widening was rising awareness of the problems in the subprime mortgage market.

These periods of rising volatility impacted our portfolio moderately. Since the Fund’s managers had overweighted asset-backed, commercial mortgages-backed, and residential mortgages-backed securities, which are vulnerable to widening swap spreads, there was a modest drag on the Fund’s performance. On the other hand, the Fund held no subprime mortgages and all of the securitized assets were either AAA rated or FNMA or FHLMC backed securities.

The positive factors for the Fund were the fact that the Fund was short in duration relative to the Lehman Aggregate during most of the half, which helped as rates rose. Another positive was the absolute yield spread premium that the Fund has versus the benchmark. Finally, our position in Euro-denominated securities paid off as the dollar weakened.

On balance, the positives were not enough to fully offset the Fund’s expenses. As a result, the Fund underperformed the benchmark by 41 basis points for Class A shares.

Outlook

For the remainder of 2007, we expect economic growth of 2 - 2.5 percent and core inflation to remain in the 2 - 2.3 percent range. The Fed is unlikely to make any changes in the Fed funds rate unless there is a more serious spillover from the housing market than we anticipate.

We believe the two risk flares we have had are the first of several that will gradually push credit spreads wider as companies add increasing amounts of leverage and investors become less tolerant of risk. Up to this point, investors have clearly been underpricing risk. With a large amount of capital available, private equity funds are a major risk for holders of corporate credit. We have and will continue to seek protection from leveraged buyouts and other leveraging events.

This kind of environment is a difficult one and one in which our value contribution may well be our willingness to avoid risk to protect the principal and income of our investors. The positive for fixed income investors is that interest rates are at the highest absolute levels since 2002, which will be reflected in better income flows from the Fund.

Delmar King

MMA Praxis Intermediate Income Fund Co-manager

Benjamin Bailey, CFA^®

MMA Praxis Intermediate Income Fund Co-manager

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MMA Praxis Intermediate Income Fund   

MMA Praxis Intermediate Income Fund

Performance review

Average annual total returns as of 6/30/07

	Inception
	Date		1 Year		3 Year		5 Year		10 Year
Class A		5/12/99		5.27%		3.26%		3.89%		4.77%
Class A*		5/12/99		1.30%		1.95%		3.09%		4.37%
Class B		1/4/94		4.86%		2.80%		3.42%		4.45%
Class B**		1/4/94		0.86%		1.87%		3.25%		4.45%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit mmapraxis.com.

*	Reflects maximum front-end sales charge of 3.75%.
**	The Fund imposes a back-end sales charge (load) on Class B Shares if you sell your shares before a certain period of time has elasped. This is called a Contingent Deferred Sales Charge (“CDSC”). The CDSC declines over five years starting with year one and ending in year six as follows: 4%, 4%, 3%, 2%, 1%.

Class A Share of this Fund were not in existence prior to 5/12/99. Class A Share performance calculated for any period prior to 5/12/99 is based on the performance of Class B Share since inception of 1/4/94. The B Share Contingent Deferred Sales Charge (CDSC) does not apply to performance over 5 years; therefore, the 10-year return does not reflect the CDSC.

The total return set forth reflects certain expenses that were voluntarily reduced, reimbursed or paid by third party. In such instances, and without this activity, total return would have been lower.

8

Performance review   

MMA Praxis Intermediate Income Fund

Performance review (continued)

Growth of $10,000 investment 6/30/97 to 6/30/07

Class A - load				Class B - no load				LB Aggregate Bond Index
Date		Balance		Date		Balance		Date		Balance
	6/30/1997		9,625		6/30/1997		10,000		6/30/1997		10,000
	9/30/1997		9,891		9/30/1997		10,276		9/30/1997		10,332
	12/31/1997		10,137		12/31/1997		10,532		12/31/1997		10,636
	3/31/1998		10,282		3/31/1998		10,682		3/31/1998		10,802
	6/30/1998		10,492		6/30/1998		10,900		6/30/1998		11,054
	9/30/1998		10,920		9/30/1998		11,345		9/30/1998		11,521
	12/31/1998		10,876		12/31/1998		11,300		12/31/1998		11,560
	3/31/1999		10,799		3/31/1999		11,220		3/31/1999		11,503
	6/30/1999		10,692		6/30/1999		11,099		6/30/1999		11,402
	9/30/1999		10,764		9/30/1999		11,164		9/30/1999		11,479
	12/31/1999		10,700		12/31/1999		11,085		12/31/1999		11,465
	3/31/2000		10,878		3/31/2000		11,259		3/31/2000		11,718
	6/30/2000		10,941		6/30/2000		11,326		6/30/2000		11,922
	9/30/2000		11,242		9/30/2000		11,615		9/30/2000		12,282
	12/31/2000		11,561		12/31/2000		11,938		12/31/2000		12,798
	3/31/2001		11,900		3/31/2001		12,277		3/31/2001		13,187
	6/30/2001		11,959		6/30/2001		12,327		6/30/2001		13,261
	9/30/2001		12,451		9/30/2001		12,823		9/30/2001		13,872
	12/31/2001		12,322		12/31/2001		12,679		12/31/2001		13,879
	3/31/2002		12,239		3/31/2002		12,583		3/31/2002		13,892
	6/30/2002		12,673		6/30/2002		13,017		6/30/2002		14,405
	9/30/2002		13,262		9/30/2002		13,611		9/30/2002		15,065
	12/31/2002		13,433		12/31/2002		13,774		12/31/2002		15,302
	3/31/2003		13,597		3/31/2003		13,929		3/31/2003		15,515
	6/30/2003		13,914		6/30/2003		14,240		6/30/2003		15,903
	9/30/2003		13,902		9/30/2003		14,196		9/30/2003		15,880
	12/31/2003		13,927		12/31/2003		14,206		12/31/2003		15,930
	3/31/2004		14,255		3/31/2004		14,526		3/31/2004		16,354
	6/30/2004		13,929		6/30/2004		14,177		6/30/2004		15,954
	9/30/2004		14,320		9/30/2004		14,560		9/30/2004		16,464
	12/31/2004		14,451		12/31/2004		14,675		12/31/2004		16,621
	3/31/2005		14,396		3/31/2005		14,603		3/31/2005		16,541
	6/30/2005		14,760		6/30/2005		14,956		6/30/2005		17,039
	9/30/2005		14,649		9/30/2005		14,822		9/30/2005		16,925
	12/31/2005		14,714		12/31/2005		14,872		12/31/2005		17,025
	3/31/2006		14,608		3/31/2006		14,746		3/31/2006		16,914
	6/30/2006		14,567		6/30/2006		14,687		6/30/2006		16,901
	9/30/2006		15,068		9/30/2006		15,192		9/30/2006		17,545
	12/31/2006		15,247		12/31/2006		15,373		12/31/2006		17,762
	3/31/2007		15,450		3/31/2007		15,577		3/31/2007		18,029
	6/30/2007		15,335		6/30/2007		15,460		6/30/2007		17,935

For performance purposes, the above graph has not been adjusted for CDSC charges.

This chart represents historical performance of a hypothetical investment of $10,000 in the Intermediate Income Fund from 6/30/97 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Fund.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit mmapraxis.com.

The total return set forth reflects certain expenses that were voluntarily reduced, reimbursed or paid by third party. In such instances, and without this activity, total return would have been lower.

* Reflects maximum front-end sales charge of 3.75%.

Class A Share of this Fund were not in existence prior to 5/12/99. Class A Share performance calculated for any period prior to 5/12/99 is based on the performance of Class B Share since inception of 1/4/94.

¹ The Lehman Brothers Aggregate Bond Index is an unmanaged index composed of the Lehman Brothers Government/Credit Index and the Lehman Brothers Mortgage-Backed Securities Index and includes Treasury issues, agency issues, corporate bond issues and mortgage-backed securities, and is intended to be generally representative of the bond market as a whole.

The above indices are for illustrative purposes only and the Lehman Brothers Aggregate Bond Index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of these value-added services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

9

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments

June 30, 2007 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
ASSET BACKED SECURITIES — 2.3%
Honda Auto Receivables Owner Trust, 4.15%, 10/15/10	$	1,000,000	$	988,024
Massachusetts RRB Special Purpose Trust, 3.78%, 9/15/10		625,448		620,031
Morgan Stanley Auto Loan Trust, 3.33%, 10/15/11		1,828,840		1,817,605
PG&E Energy Recovery Funding LLC, 3.87%, 6/25/11		942,405		928,568
Residential Funding Mortgage Securities, 5.53%, 1/25/36		1,000,000		995,349
Wachovia Auto Loan Owner Trust, 5.10%, 7/20/11 (a)		1,000,000		996,816
TOTAL ASSET BACKED SECURITIES				6,346,393
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.2%
JP Morgan Securities, Inc., 4.50%, 9/25/19		671,878		655,066
COMMERCIAL MORTGAGE BACKED SECURITIES — 8.3%
Bear Stearns Commercial Mortgage Securities, 5.20%, 12/1/38		2,000,000		1,903,946
Bear Stearns Commercial Mortgage Securities, 5.71%, 6/11/40		1,000,000		988,442
Bear Stearns Commercial Mortgage Securities, 5.12%, 2/11/41		1,000,000		959,435
Bear Stearns Commercial Mortgage Securities, 4.67%, 6/11/41		1,000,000		930,233
Bear Stearns Commercial Mortgage Securities, 5.54%, 9/11/41		2,000,000		1,955,702
Bear Stearns Commercial Mortgage Securities, 4.56%, 2/13/42		1,000,000		979,201
Bear Stearns Commercial Mortgage Securities, 5.13%, 10/12/42		1,125,000		1,112,212
Bear Stearns Commercial Mortgage Securities, 5.33%, 2/11/44		2,000,000		1,921,367
Chase Commercial Mortgage Securities Corp., 7.32%, 10/15/32		1,000,000		1,043,326
JP Morgan Chase Commercial Mortgage Securities, 5.40%, 5/15/45		2,000,000		1,932,656
JP Morgan Chase Commercial Mortgage Securities, 4.63%, 3/15/46		1,000,000		979,881
JP Morgan Trust, 4.90%, 10/15/42		1,000,000		963,451
Morgan Stanley Capital, 5.01%, 1/14/42		1,000,000		974,406
Morgan Stanley Capital, 4.83%, 6/12/47		1,000,000		966,746
Morgan Stanley Capital I, 5.98%, 8/12/41		1,000,000		1,003,945
Morgan Stanley Capital I, 5.51%, 11/12/49		2,000,000		1,948,168
PNC, 7.51%, 12/10/32		2,000,000		2,085,017
TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES				22,648,134
CORPORATE BONDS — 19.2%
AGRICULTURAL SERVICES — 0.5%
Cargill, Inc., 7.50%, 9/1/26 (a)		1,250,000		1,430,565
ASSET MANAGEMENT — 0.5%
Legg Mason, Inc., 6.75%, 7/2/08		1,300,000		1,312,899
BANKING — 0.4%
Citigroup, Inc., 5.13%, 5/5/14 (b)		1,000,000		967,448
COMMERCIAL BANKS — 1.3%
Bank of America Corp., 7.75%, 8/15/15		1,000,000		1,118,206
State Street Corp., 7.35%, 6/15/26		1,000,000		1,149,919
Wells Fargo Co., 5.13%, 9/1/12 (b)		1,250,000		1,227,130
				3,495,255
CONSTRUCTION — 0.2%
KB Home, 8.63%, 12/15/08		500,000		510,000

10

Schedule of portfolio investments   

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CORPORATE BONDS — 19.2%, continued
ELECTRIC - INTEGRATED — 1.0%
Midamerican Energy Co., 6.75%, 12/30/31 (b)	$	1,500,000	$	1,606,565
Puget Sound Energy, Inc., 6.74%, 6/15/18		1,000,000		1,043,980
				2,650,545
ELECTRIC SERVICES — 0.7%
AEP Texas North Co., Series B, 5.50%, 3/1/13		1,000,000		980,679
FPL Energy Caithness Funding, 7.65%, 12/31/18 (a)		742,893		791,323
				1,772,002
ELECTRONIC COMPONENTS - SEMICONDUCTORS — 0.2%
Applied Materials, Inc., 7.13%, 10/15/17		500,000		534,512
FINANCE - AUTO LOANS — 0.7%
Ford Motor Credit Co., 7.25%, 10/25/11 (b)		1,000,000		962,432
Ford Motor Credit Co., 8.00%, 12/15/16 (b)		500,000		478,924
General Motors Acceptance Corp., 6.75%, 12/1/14 (b)		500,000		478,828
				1,920,184
FINANCIAL SERVICES — 2.1%
Countrywide Financial Corp., 5.80%, 6/7/12 (b)		1,000,000		992,956
Countrywide Financial Corp., 6.25%, 5/15/16 (b)		500,000		491,051
ERAC USA Finance Co., 5.90%, 11/15/15 (a)		1,000,000		977,209
General Electric Capital Corp., 6.88%, 11/15/10 (b)		1,000,000		1,043,999
General Electric Capital Corp., 6.75%, 3/15/32 (b)		1,000,000		1,084,967
SLM Corp., 4.00%, 1/15/09		1,000,000		960,827
				5,551,009
FIRE, MARINE & CASUALTY INSURANCE — 0.4%
Berkley Corp., 5.13%, 9/30/10		1,000,000		986,511
FOOD PROCESSING — 0.3%
Dean Foods Co., 8.15%, 8/1/07 (b)		750,000		750,000
INSURANCE — 1.1%
American International Group, 6.25%, 5/1/36 (b)		1,000,000		1,009,258
Fidelity National Title, 7.30%, 8/15/11		1,000,000		1,042,075
Principal Life Global, 6.25%, 2/15/12 (a)		1,000,000		1,028,623
				3,079,956
INTERNAL COMBUSTION ENGINES, N.E.C. — 0.4%
Briggs & Stratton Corp., 8.88%, 3/15/11		1,000,000		1,063,871
MEDICAL - BIOMEDICAL/GENETIC — 0.5%
Amgen, Inc., 4.00%, 11/18/09		1,500,000		1,451,609
NATURAL GAS PRODUCTION AND/OR DISTRIBUTION — 1.7%
Indiana Gas Co., 6.55%, 6/30/28		250,000		253,407
Keyspan Gas East, 7.88%, 2/1/10		1,250,000		1,319,830
National Fuel Gas Co., 6.30%, 5/27/08		1,000,000		1,006,017
Northern Natural Gas, 5.38%, 10/31/12 (a)		1,000,000		988,331
Southern Union Co., 8.25%, 11/15/29		1,050,000		1,179,971
				4,747,556

11

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
CORPORATE BONDS — 19.2%, continued
NETWORKING — 0.4%
Cisco Systems, Inc., 5.25%, 2/22/11 (b)	$	1,000,000	$	994,002
OIL & GAS EXPLORATION, PRODUCTION & SERVICES — 1.9%
Burlington Resources, Inc., 7.38%, 3/1/29		1,073,000		1,210,923
Conoco, Inc., 6.95%, 4/15/29 (b)		1,075,000		1,173,215
Pemex Project, 7.38%, 12/15/14		500,000		543,423
Ras Laffan, 5.83%, 9/30/16 (a)		1,000,000		983,110
XTO Energy, Inc., 7.50%, 4/15/12 (b)		1,000,000		1,075,100
				4,985,771
PUBLISHING - JOURNALS — 0.4%
Thomson Corp., 6.20%, 1/5/12 (b)		1,200,000		1,221,145
RESTAURANTS — 0.4%
YUM! Brands, Inc., 8.88%, 4/15/11 (b)		1,000,000		1,100,220
RETAIL - BUILDING PRODUCTS — 0.5%
Home Depot, Inc., 5.25%, 12/16/13 (b)		500,000		482,294
Home Depot, Inc., 5.40%, 3/1/16 (b)		1,000,000		937,392
				1,419,686
RETAIL - DISCOUNT — 0.8%
Dollar General Corp., 8.63%, 6/15/10		1,000,000		1,087,087
Wal-Mart Stores, 7.55%, 2/15/30 (b)		1,000,000		1,161,811
				2,248,898
SUPRANATIONAL BANK — 0.7%
Corporation Andina de Fomento, 5.20%, 5/21/13		1,000,000		971,857
IFFIM, 5.00%, 11/14/11 (a)		1,000,000		983,254
				1,955,111
TELECOMMUNICATIONS — 0.4%
Embarq Corp., 6.74%, 6/1/13 (b)		1,000,000		1,019,077
TELEPHONE - INTEGRATED — 0.7%
Sprint Capital Corp., 7.63%, 1/30/11		1,000,000		1,052,110
Verizon Communications, 5.55%, 2/15/16 (b)		1,000,000		974,263
				2,026,373
TRANSPORTATION SERVICES — 0.7%
Canadian National Railways, 4.40%, 3/15/13 (b)		1,000,000		935,844
Golden State Petroleum Transportation, 8.04%, 2/1/19		1,000,000		1,053,610
				1,989,454
UTILITIES - NATURAL GAS — 0.4%
Michigan Consolidated Gas Co., 8.25%, 5/1/14		1,000,000		1,131,789
TOTAL CORPORATE BONDS				52,315,448
CORPORATE NOTES — 1.1%
COMMUNITY DEVELOPMENT — 1.1%
MMA Community Development Investment, Inc., 2.98%, 12/31/09, (c)+		1,150,000		1,150,000
MMA Community Development Investment, Inc., 4.47%, 12/31/09, (c)+		1,925,000		1,925,000
TOTAL CORPORATE NOTES				3,075,000

12

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
INTEREST ONLY BONDS — 0.3%
FREDDIE MAC — 0.2%
5.00%, 5/15/23	$	1,080,017	$	22,429
5.00%, 4/15/29		2,000,000		394,883
				417,312
GOVERNMENT NATIONAL MORTGAGE ASSOC — 0.1%
1.03%, 4/16/27		9,502,000		305,013
TOTAL INTEREST ONLY BONDS				722,325
U.S. GOVERNMENT AGENCIES — 65.7%
FANNIE MAE — 28.8%
5.25%, 1/15/09		3,000,000		3,000,234
7.25%, 1/15/10		4,450,000		4,664,017
6.13%, 3/15/12		2,700,000		2,792,221
4.38%, 7/17/13		5,250,000		4,970,148
4.13%, 4/15/14		900,000		836,627
7.35%, 1/1/15		322,826		347,011
5.00%, 4/15/15		2,250,000		2,195,474
7.00%, 7/1/15		17,782		18,488
5.00%, 2/13/17		1,000,000		967,419
5.00%, 5/11/17		2,750,000		2,651,105
5.00%, 7/1/18		852,341		826,864
5.00%, 9/1/18		1,155,548		1,121,008
7.00%, 11/1/19		126,799		131,976
7.00%, 11/1/19		70,385		73,258
5.50%, 6/1/22		2,461,372		2,425,461
5.00%, 7/1/23		1,590,557		1,518,546
5.00%, 4/1/24		1,573,593		1,500,823
5.00%, 4/1/25		1,960,036		1,866,820
5.00%, 7/1/25		1,778,435		1,693,856
5.00%, 10/1/25		2,119,286		2,018,496
5.50%, 11/1/25		1,648,088		1,608,382
8.50%, 9/1/26		332,045		355,718
6.63%, 11/15/30		2,500,000		2,817,378
6.50%, 5/1/31		132,141		133,395
6.50%, 6/1/32		312,908		318,450
6.00%, 10/1/32		276,176		274,895
5.00%, 2/1/33		1,475,293		1,389,674
5.50%, 3/1/33		744,331		721,334
5.50%, 4/1/33		571,845		554,056
6.90%, 6/1/33		295,241		298,995
6.00%, 8/1/33		479,591		474,456
4.28%, 10/1/33		1,180,753		1,185,351
6.00%, 10/1/33		588,754		582,450
5.50%, 2/1/34		1,062,498		1,024,769
6.73%, 2/1/34		601,686		609,132
5.50%, 2/4/34		1,179,826		1,137,930

13

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
U.S. GOVERNMENT AGENCIES — 65.7%, continued
7.07%, 4/1/34	$	198,267	$	201,309
4.19%, 5/1/34		838,165		834,451
5.50%, 5/1/34		1,180,203		1,143,489
6.00%, 8/1/34		2,013,452		1,991,892
5.50%, 10/1/34		1,326,021		1,283,834
5.50%, 11/1/34		1,350,738		1,302,773
6.00%, 11/1/34		2,402,946		2,377,216
5.50%, 1/1/35		2,031,975		1,967,328
5.50%, 1/1/35		1,404,811		1,354,926
5.00%, 10/1/35		2,602,352		2,438,378
5.50%, 10/1/35		3,168,992		3,064,199
6.00%, 10/1/35		1,528,997		1,512,625
5.50%, 4/1/36		2,649,723		2,562,102
6.00%, 6/1/36		1,789,994		1,770,827
5.50%, 11/1/36		2,877,727		2,775,539
5.43%, 5/1/37		2,483,605		2,464,687
				78,151,792
FEDERAL FARM CREDIT BANK — 0.7%
4.88%, 12/16/15		2,000,000		1,925,660
FEDERAL HOME LOAN BANK — 2.9%
4.13%, 8/13/10		1,000,000		969,624
6.63%, 11/15/10		900,000		938,040
3.88%, 6/14/13		300,000		277,603
4.50%, 9/16/13		1,250,000		1,192,880
4.75%, 12/16/16		2,600,000		2,465,115
5.50%, 7/15/36		2,150,000		2,113,082
				7,956,344
FREDDIE MAC — 29.8%
9.00%, 6/1/08		298		320
6.75%, 1/15/09		102,169		102,465
5.75%, 3/15/09		5,450,000		5,495,585
3.75%, 7/15/09		2,000,000		2,661,436
4.13%, 7/12/10		1,987,000		1,927,839
4.00%, 9/1/10		1,101,161		1,069,708
6.88%, 9/15/10		2,081,000		2,182,407
5.00%, 7/15/14		2,700,000		2,649,432
6.00%, 9/1/17		1,273,284		1,278,895
5.00%, 10/1/17		710,822		689,525
5.50%, 11/1/17		1,099,880		1,087,336
6.00%, 2/1/18		605,384		608,740
5.00%, 5/1/18		610,969		592,710
4.50%, 6/1/18		1,816,791		1,731,694
5.00%, 9/1/18		1,000,122		970,233
5.00%, 9/1/18		1,003,573		973,529
5.00%, 10/1/18		1,066,909		1,034,980
5.00%, 11/1/18		995,233		965,490

14

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	PRINCIPAL
	AMOUNT		VALUE
U.S. GOVERNMENT AGENCIES — 65.7%, continued
5.00%, 4/1/19	$	1,782,544	$	1,727,137
5.50%, 12/15/20		1,464,763		1,442,460
5.00%, 12/1/21		3,841,831		3,713,466
5.00%, 12/10/21		2,625,000		2,488,020
5.50%, 4/1/22		2,926,299		2,881,995
6.00%, 4/1/27		2,978,875		2,976,743
7.00%, 2/1/30		776,416		796,733
7.50%, 7/1/30		705,649		729,325
5.00%, 12/15/30		2,000,000		1,930,090
6.50%, 2/1/31		46,312		46,795
7.00%, 3/1/31		405,323		415,929
6.75%, 3/15/31		3,050,000		3,490,569
5.00%, 4/15/31		2,000,000		1,932,835
6.50%, 8/1/31		35,284		35,999
6.50%, 2/1/32		311,321		317,634
5.00%, 2/15/32		2,000,000		1,877,451
6.00%, 10/1/32		1,010,997		1,007,948
5.50%, 8/1/33		1,537,404		1,489,892
5.50%, 11/1/33		1,187,612		1,150,910
5.50%, 12/1/33		979,850		949,570
2.93%, 5/1/34		560,113		563,315
3.01%, 5/1/34		921,827		927,708
6.00%, 11/1/34		954,112		950,068
5.00%, 7/1/35		1,740,262		1,635,520
5.00%, 7/1/35		2,569,650		2,414,989
5.50%, 3/1/36		1,803,002		1,743,017
5.50%, 6/1/36		2,761,756		2,665,010
5.50%, 6/1/36		2,816,941		2,718,227
6.00%, 6/1/36		1,892,994		1,876,920
5.50%, 12/1/36		2,878,729		2,777,885
5.50%, 12/1/36		2,871,372		2,770,786
5.73%, 1/1/37		2,369,914		2,364,449
				80,831,719
GOVERNMENT NATIONAL MORTGAGE ASSOC. — 1.8%
7.50%, 9/15/07		2,765		2,872
6.75%, 4/15/16		94,581		97,775
7.00%, 12/20/30		142,886		147,166
6.50%, 4/20/31		159,055		162,482
6.50%, 7/20/31		140,918		143,262
6.50%, 10/20/31		303,484		310,023
7.00%, 10/20/31		88,158		90,799
7.00%, 3/20/32		345,042		355,379
6.50%, 5/20/32		184,353		188,162
6.50%, 1/20/34		486,451		490,143

15

MMA Praxis Intermediate Income Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES OR
	PRINCIPAL
	AMOUNT		VALUE
U.S. GOVERNMENT AGENCIES — 65.7%, continued
6.93%, 9/15/39	$	2,021,131	$	2,049,105
6.85%, 10/15/39		717,233		729,234
				4,766,402
SMALL BUSINESS ADMINISTRATION — 0.4%
6.00%, 9/25/18		91,979		92,482
5.60%, 2/25/32		995,348		992,507
				1,084,989
TENNESSEE VALLEY AUTHORITY — 1.3%
6.25%, 12/15/17		2,000,000		2,120,346
4.65%, 6/15/35		1,750,000		1,513,626
				3,633,972
TOTAL U.S. GOVERNMENT AGENCIES				178,350,878
MUTUAL FUNDS — 0.9%
Pax World High Yield Fund		286,591		2,467,552
SHORT TERM INVESTMENTS — 1.1%
Northern Institutional Government Select Portfolio		3,099,048		3,099,048
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING — 4.0%
Northern Institutional Liquid Asset Portfolio		10,841,714		10,841,714
TOTAL INVESTMENTS (Cost $287,006,306) — 103.1%			$	280,521,558
Liabilities in excess of other assets — (3.1%)				(8,417,325	)
NET ASSETS — 100.0%			$	272,104,233

(a)	144A security is restricted as to resale to institutional investors. These securities have been deemed liquid under guidelines established by the Board of Trustees. At June 30, 2007, these securities were valued at $8,179,231 or 3.01% of net assets.
(b)	All or part of this security was on loan, as of June 30, 2007.
(c)	Represents affiliated restricted security as to resale to investors and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees. Acquisition date and current cost: MMA Community Development Investment, Inc., 2.98% - 12/01, $1,150,000 and MMA Community Development Investment, Inc., 4.47% - 12/01, $1,925,000. At June 30, 2007 these securities had an aggregate market value of $3,075,000, representing 1.1% of net assets.
+	Variable rate security. Rates presented are the rates in effect at June 30, 2007. Date presented reflects next rate change date.

See notes to financial statements.

16

MMA Praxis Intermediate Income Fund

Statement of assets and liabilities

June 30, 2007 (Unaudited)

ASSETS:
Investments, at value* (cost $273,089,592)	$	266,604,844
Investments in affiliates, at value (cost $3,075,000)		3,075,000
Investments held as collateral for securities loaned, at value (cost $10,841,714)		10,841,714
Total Investments		280,521,558
Cash		31,382
Interest and dividends receivable		2,662,055
Receivable for capital shares sold		230,275
Prepaid expenses		24,927
Total Assets		283,470,197
LIABILITIES:
Distributions payable to shareholders		214,566
Payable for capital shares redeemed		147,459
Payable for securities loaned		10,841,714
Accrued expenses and other payables:
Investment advisory fees		83,511
Affiliates		42,241
Distribution fees		20,099
Trustees fees		5,527
Other		10,847
Total Liabilities		11,365,964
NET ASSETS:
Capital		282,036,192
Accumulated net investment loss		(9,918	)
Accumulated net realized loss on investments, foreign currency transactions		(3,437,293	)
Net unrealized depreciation on investments		(6,484,748	)
Net Assets	$	272,104,233
Net Assets
Class A	$	44,323,281
Class B		22,698,722
Class I		205,082,230
Total	$	272,104,233
Shares Outstanding (unlimited number of shares authorized with $.01 par value)
Class A		4,665,398
Class B		2,387,147
Class I		21,607,410
Total		28,659,955
Net asset value
Class A — Redemption Price Per Share(A)	$	9.50
Class A — Maximum Sales Charge		3.75%
Class A — Maximum Offering Price Per Share
[(100%/(100%-Maximum Sales Charge) of net asset value adjusted to the nearest cent]	$	9.87
Class B — offering price per share**(A)	$	9.51
Class I — offering price per share**(A)	$	9.49

*	Includes securities on loan of $10,546,971.
**	Redemption price per share varies by length of time shares are held.
(A)	Net proceeds upon redemption may include a redemption fee.

See notes to financial statements.

17

Statement of assets and liabilities   

MMA Praxis Intermediate Income Fund

Statement of operations

For the six months ended June 30, 2007 (Unaudited)

INVESTMENT INCOME:
Interest	$	6,540,779
Income from securities lending		5,149
Interest from affiliates		61,187
Total Investment Income		6,607,115
EXPENSES:
Investment advisory fees		678,823
Distribution fees — Class A		53,612
Distribution fees — Class B		90,159
Shareholder servicing fees — Class A		53,612
Shareholder servicing fees — Class B		30,053
Administration fees		190,053
Legal fees and expenses		32,679
Custodian fees		7,151
Trustees’ fee and expenses		18,998
Other expenses		91,036
Total expenses before reductions/reimbursements		1,246,176
Expenses waived by Investment Adviser		(169,206	)
Expenses reduced by Distributor		(83,666	)
Net Expenses		993,304
Net Investment Income		5,613,811
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments, foreign currency transactions, and swap contracts		309,658
Change in unrealized appreciation/depreciation of investments and foreign currency translations during the period		(4,049,894	)
Net realized and unrealized loss on investments and foreign currency transactions		(3,740,236	)
Net increase in net assets resulting from operations	$	1,873,575

See notes to financial statements.

18

Statement of operations   

MMA Praxis Intermediate Income Fund

Statements of changes in net assets

	Six Months
	Ended			Year Ended
	June 30, 2007			December 31,
	(Unaudited)			2006
From Investment Activities:
Net investment income	$	5,613,811		$	11,515,535
Net realized gain (loss) on investments and foreign currency transactions		309,658			(789,940	)
Change in unrealized appreciation/depreciation of investments and foreign currency translations during the period		(4,049,894	)		(1,145,512	)
Net increase in net assets resulting from operations		1,873,575			9,580,083
Distributions to Class A Shareholders:
From net investment income		(973,210	)		(4,529,498	)
Distributions to Class B Shareholders:
From net investment income		(483,463	)		(1,056,652	)
Distributions to Class I Shareholders:
From net investment income		(4,889,444	)		(6,127,725	)
Change in net assets from distributions to shareholders		(6,346,117	)		(11,713,875	)
Change in net assets from capital transactions		3,179,352			1,020,852
Change in net assets		(1,293,190	)		(1,112,940	)
Net Assets:
Beginning of period		273,397,423			274,510,363
End of period	$	272,104,233		$	273,397,423
Accumulated (distributions in excess of) net investment income	$	(9,918	)	$	34,957

See notes to financial statements.

19

Statements of changes in net assets   

MMA Praxis Intermediate Income Fund

Financial highlights

For a share outstanding throughout the period indicated.

	Class A Shares
	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2007			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, Beginning of Period	$	9.66		$	9.73		$	9.95		$	9.99		$	10.05		$	9.69
Investment Activities:
Net investment income		0.22			0.38			0.37			0.39			0.39			0.48
Net realized and unrealized gains (losses) from investments, foreign currency transactions and swap contracts		(0.16	)		(0.04	)		(0.19	)		(0.02	)		(0.03	)		0.37
Total from Investment Activities		0.06			0.34			0.18			0.37			0.36			0.85
Distributions:
Net investment income		(0.22	)		(0.41	)		(0.40	)		(0.41	)		(0.42	)		(0.49	)
Paid-in capital from redemption fees (a)		—			—			—			—			—			—
Net Asset Value, End of Period	$	9.50		$	9.66		$	9.73		$	9.95		$	9.99		$	10.05
Total Return (excludes sales charge)		0.57%	(b)		3.63%			1.82%			3.77%			3.67%			9.02%
Ratios/Supplemental Data:
Net assets at end of period (000)	$	44,323		$	41,350		$	239,583		$	231,369		$	39,270		$	32,931
Ratio of expenses to average net assets		0.88%	(c)		0.93%			0.94%			0.91%			0.85%			0.85%
Ratio of net investment income to average net assets		3.99%	(c)		4.19%			3.77%			3.69%			3.85%			4.94%
Ratio of expenses to average net assets*		1.25%	(c)		1.28%			1.23%			1.33%			1.58%			1.69%
Portfolio Turnover (d)		38.10%			34.19%			37.79%			30.29%			47.58%			58.16%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	Amount rounds to less than $0.005 per share.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

20

Financial highlights   

MMA Praxis Intermediate Income Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class B Shares
	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2007			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, Beginning of Period	$	9.66		$	9.73		$	9.94		$	9.98		$	10.05		$	9.69
Investment Activities:
Net investment income		0.20			0.37			0.33			0.33			0.34			0.45
Net realized and unrealized gains (losses) from investments		(0.16	)		(0.08	)		(0.20	)		(0.01	)		(0.03	)		0.36
Total from Investment Activities		0.04			0.29			0.13			0.32			0.31			0.81
Distributions:
Net investment income		(0.19	)		(0.36	)		(0.34	)		(0.36	)		(0.38	)		(0.45	)
Paid-in capital from redemption fees (a)		—			—			—			—			—			—
Net Asset Value, End of Period	$	9.51		$	9.66		$	9.73		$	9.94		$	9.98		$	10.05
Total Return (excludes redemption charge)		0.44%	(b)		3.10%			1.34%			3.30%			3.14%			8.64%
Ratios/Supplemental Data:
Net assets at end of period (000)	$	22,699		$	25,827		$	34,927		$	39,506		$	44,238		$	41,544
Ratio of expenses to average net assets		1.33%	(c)		1.36%			1.39%			1.38%			1.30%			1.20%
Ratio of net investment income to average net assets		3.54%	(c)		3.77%			3.31%			3.31%			3.41%			4.59%
Ratio of expenses to average net assets*		1.75%	(c)		1.77%			1.79%			1.91%			2.07%			2.19%
Portfolio Turnover(d)		38.10%			34.19%			37.79%			30.29%			47.58%			58.16%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	Amount rounds to less than $0.005 per share.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

21

MMA Praxis Intermediate Income Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class I Shares
	Six Months
	Ended			Period Ended
	June 30, 2007			December 31,
	(Unaudited)			2006 (a)
Net Asset Value, Beginning of Period	$	9.65		$	9.47
Investment Activities:
Net investment income		0.23			0.29
Net realized and unrealized gains (losses) from investments		(0.16	)		0.18
Total from Investment Activities		0.07			0.47
Distributions:
Net investment income		(0.23	)		(0.29	)
Paid-in capital from redemption fees		—			—	(b)
Net Asset Value, End of Period	$	9.49		$	9.65
Total Return (excludes redemption charge)		0.70%	(c)		5.07%	(c)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	205,082		$	206,221
Ratio of expenses to average net assets		0.63%	(d)		0.63%	(d)
Ratio of net investment income to average net assets		4.24%	(d)		4.47%	(d)
Ratio of expenses to average net assets*		0.75%	(d)		0.76%	(d)
Portfolio Turnover (e)		38.10%			34.19%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

22

MMA Praxis Core Stock Fund

Semi-annual report to shareholders

Portfolio managers’ letter

Market environment

For the six-month period ended June 30, 2007, the stock market, as measured by the Standard & Poor 500 Index increased by 6.96 percent. The sectors within the S&P that turned in the strongest performance were energy, material, and telecommunication service companies. The sectors that turned in the weakest performance were banking, diversified financial, real estate, and consumer discretionary companies.

MMA Praxis Core Stock Fund performance overview

For the six-months ended June 30, 2007, the Class A shares of MMA Praxis Core Stock Fund increased by 4.92 percent, compared to its benchmark, the S&P, which increased by 6.96 percent.

The Fund’s two largest sector holdings were in diversified financial and insurance companies. The Fund’s holdings in these two sectors did a little better than break even, thereby detracting from performance relative to the S&P. One diversified financial company, Ameriprise Financial, was among the top contributors to performance. Two diversified financial companies, Citigroup and Moody’s, and one insurance company, American International Group, were among the top detractors from performance.

The Fund also made a significant investment in consumer discretionary companies. The Fund’s consumer discretionary companies out-performed the corresponding sector within the S&P, but did not match the performance of the S&P, thereby detracting from relative performance. Amazon.com was among the top contributors to performance, while Harley-Davidson and Bed Bath & Beyond were among the top detractors from performance.

The banking sector was among the worst performing sectors of the S&P. While the Fund’s banking companies out-performed the corresponding sector within the S&P, the Fund’s performance was harmed by a higher relative weighting in this poorly performing sector. Wachovia Corp. was among the top detractors from performance.

The energy sector was the top performing sector of the S&P and was also the most important contributor to the Fund’s performance over the six-month period. ConocoPhillips, Devon Energy, EOG Resources, and Transocean were all among the top contributors to performance.

The Fund’s material companies out-performed both the corresponding sector within the S&P and out-performed the Index itself. The Fund also benefited from a higher relative weighting in this sector. Martin Marietta Materials and Vulcan Materials were among the top contributors to performance. Sealed Air was among the top detractors from performance.

Individual companies contributing to performance included Tyco International (an industrial company) and Costco Wholesale (a consumer staples company). Individual companies detracting from performance included Procter & Gamble (a consumer staples company), Iron Mountain (an information technology company), and UnitedHealth Group (a health care company).

Over the past six-months there were no changes to the companies making up the Fund’s top ten holdings. As of June 30, 2007, the Fund’s top ten holdings represented approximately 42 percent of total net assets.

The Fund managers have identified a number of investment opportunities in foreign companies. The Fund ended the period with approximately 8 percent of its assets invested in foreign companies. As a group, the foreign companies owned by the Fund out-performed the S&P over the period.

Christopher C. Davis

Portfolio Manager and CEO of Davis Advisors

Kenneth C. Feinberg

Portfolio Manager

23

MMA Praxis Core Stock Fund   

MMA Praxis Core Stock Fund

Performance review

Average annual total returns as of 6/30/07

	Inception
	Date		1 Year		3 Year		5 Year		10 Year
Class A		5/12/99		16.32%		8.10%		6.96%		4.49%
Class A*		5/12/99		10.20%		6.18%		5.81%		3.93%
Class B		1/4/94		15.53%		7.39%		6.27%		4.01%
Class B**		1/4/94		11.53%		6.51%		6.11%		4.01%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit mmapraxis.com.

*	Reflects maximum front-end sales charge of 5.25%.
**	The Fund imposes a back-end sales charge (load) on Class B Shares if you sell your shares before a certain period of time has elasped. This is called a Contingent Deferred Sales Charge (“CDSC”). The CDSC declines over five years starting with year one and ending in year six as follows: 4%, 4%, 3%, 2%, 1%.

Class A Share of this Fund were not in existence prior to 5/12/99. Class A Share performance calculated for any period prior to 5/12/99 is based on the performance of Class B Share since inception of 1/4/94. The B Share Contingent Deferred Sales Charge (CDSC) does not apply to performance over 5 years; therefore, the 10-year return does not reflect the CDSC.

The total return set forth reflects certain expenses that were voluntarily reduced, reimbursed or paid by third party. In such instances, and without this activity, total return would have been lower.

24

Performance review   

MMA Praxis Core Stock Fund

Performance review (continued)

Growth of $10,000 investment 6/30/97 to 6/30/07

Class A - load				Class B - no load					S&P 500
Date		Balance		Date			Balance		Date		Balance
	6/30/1997		9,475		6/30/1997			10,000		6/30/1997		10,000
	9/30/1997		10,044		9/30/1997			10,601		9/30/1997		10,749
	12/31/1997		10,533		12/31/1997			11,116		12/31/1997		11,058
	3/31/1998		11,685		3/31/1998			12,332		3/31/1998		12,600
	6/30/1998		11,116		6/30/1998			11,732		6/30/1998		13,016
	9/30/1998		9,517		9/30/1998			10,045		9/30/1998		11,721
	12/31/1998		11,160		12/31/1998			11,778		12/31/1998		14,218
	3/31/1999		11,612		3/31/1999			12,255		3/31/1999		14,926
	6/30/1999		12,969		6/30/1999			13,673		6/30/1999		15,978
	9/30/1999		12,050		9/30/1999			12,696		9/30/1999		14,981
	12/31/1999		12,575		12/31/1999			13,211		12/31/1999		17,210
	3/31/2000		13,170		3/31/2000			13,812		3/31/2000		17,604
	6/30/2000		12,886		6/30/2000			13,495		6/30/2000		17,136
	9/30/2000		12,762		9/30/2000			13,338		9/30/2000		16,970
	12/31/2000		12,522		12/31/2000			13,075		12/31/2000		15,643
	3/31/2001		11,604		3/31/2001			12,105		3/31/2001		13,787
	6/30/2001		11,938		6/30/2001			12,422		6/30/2001		14,594
	9/30/2001		10,565		9/30/2001			10,980		9/30/2001		12,452
	12/31/2001		11,535		12/31/2001			11,959		12/31/2001		13,782
	3/31/2002		11,733		3/31/2002			12,150		3/31/2002		13,820
	6/30/2002		10,497		6/30/2002			10,862		6/30/2002		11,968
	9/30/2002		8,901		9/30/2002			9,185		9/30/2002		9,900
	12/31/2002		9,442		12/31/2002			9,738		12/31/2002		10,736
	3/31/2003		9,056		3/31/2003			9,321		3/31/2003		10,398
	6/30/2003		10,020		6/30/2003			10,301		6/30/2003		11,998
	9/30/2003		10,200		9/30/2003			10,463		9/30/2003		12,316
	12/31/2003		11,213		12/31/2003			11,488		12/31/2003		13,815
	3/31/2004		11,471		3/31/2004			11,732		3/31/2004		14,049
	6/30/2004		11,634		6/30/2004			11,886		6/30/2004		14,291
	9/30/2004		11,256		9/30/2004			11,478		9/30/2004		14,023
	12/31/2004		12,071		12/31/2004			12,288		12/31/2004		15,318
	3/31/2005		11,761		3/31/2005			11,952		3/31/2005		14,989
	6/30/2005		11,878		6/30/2005			12,052		6/30/2005		15,194
	9/30/2005		12,078		9/30/2005			12,234		9/30/2005		15,741
	12/31/2005		12,498		12/31/2005			12,643		12/31/2005		16,070
	3/31/2006		12,714		3/31/2006			12,834		3/31/2006		16,746
	6/30/2006		12,637		6/30/2006			12,743		6/30/2006		16,505
	9/30/2006		13,070		9/30/2006	A		13,180		9/30/2006		17,440
	12/31/2006		14,010		12/31/2006	A		14,128		12/31/2006		18,608
	3/31/2007		13,882		3/31/2007			13,999		3/31/2007		18,727
	6/30/2007		14,700		6/30/2007			14,822		6/30/2007		19,903

For performance purposes, the above graph has not been adjusted for CDSC charges.

This chart represents historical performance of a hypothetical investment of $10,000 in the Core Stock Fund from 6/30/97 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Fund.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit mmapraxis.com.

The total return set forth reflects certain expenses that were voluntarily reduced, reimbursed or paid by third party. In such instances, and without this activity, total return would have been lower.

* Reflects maximum front-end sales charge of 5.25%.

Class A Share of this Fund were not in existence prior to 5/12/99. Class A Share performance calculated for any period prior to 5/12/99 is based on the performance of Class B Share since inception of 1/4/94.

¹ The S&P 500 Composite Stock Price Index (the “S&P 500^R Index”) is a widely recognized, unmanaged index of 500 selected common stocks, most of which are listed on the New York Stock Exchange.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The fund’s performance reflects the deduction of these value-added services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

25

MMA Praxis Core Stock Fund

Schedule of portfolio investments

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%
ADVERTISING SERVICES — 0.3%
WPP Group plc ADR (b)		13,900	$	1,039,025
AUTOMOTIVE — 0.5%
CarMax, Inc. (a)		74,400		1,897,200
BANKS — 10.3%
Commerce Bancorp, Inc. (b)		65,700		2,430,243
HSBC Holdings plc		595,805		10,945,920
Mellon Financial Corp.		83,400		3,669,600
State Street Corp.		10,600		725,040
Wachovia Corp.		154,574		7,921,918
Wells Fargo & Co.		292,000		10,269,640
				35,962,361
BROADCASTING/CABLE — 3.9%
Comcast Corp., Class A (a)(b)		440,450		12,314,982
Liberty Media Corp — Capital, Series A (a)		11,735		1,380,975
				13,695,957
BROKERAGE SERVICES — 4.4%
JPMorgan Chase & Co.		313,000		15,164,850
BUILDING MATERIALS & CONSTRUCTION — 1.0%
Vulcan Materials Co.		28,900		3,310,206
BUSINESS SERVICES — 1.3%
Iron Mountain, Inc. (a)(b)		171,300		4,476,069
COMPUTER EQUIPMENT & SERVICES — 0.6%
Google, Inc., Class A (a)		1,560		816,473
Nokia Oyj ADR (b)		42,200		1,186,242
				2,002,715
COMPUTERS & PERIPHERALS — 2.1%
Dell, Inc. (a)		164,600		4,699,330
Hewlett-Packard Co.		59,200		2,641,504
				7,340,834
CONSTRUCTION — 1.4%
Martin Marietta Materials, Inc. (b)		29,400		4,763,388
				5,448,178
CONSUMER FINANCIAL SERVICES — 6.2%
American Express Co.		289,100		17,687,138
H&R Block, Inc.		164,650		3,847,871
				21,535,009
CONSUMER GOODS & SERVICES — 1.1%
Procter & Gamble Co.		62,500		3,824,375
CONTAINERS — PAPER & PLASTIC — 2.3%
Sealed Air Corp. (b)		252,200		7,823,244
COSMETICS & TOILETRIES — 0.5%
Avon Products, Inc.		43,900		1,613,325

26

Schedule of portfolio investments   

MMA Praxis Core Stock Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
E-COMMERCE — 1.7%
Amazon.com, Inc. (a)(b)		44,300	$	3,030,563
Expedia, Inc. (a)(b)		25,300		741,037
IAC/InterActiveCorp. (a)(b)		22,200		768,342
Liberty Media Corp — Interactive, Class A (a)		54,675		1,220,893
				5,760,835
FINANCIAL SERVICES — 5.9%
Ameriprise Financial, Inc.		78,800		5,009,316
Citigroup, Inc.		151,500		7,770,435
E*TRADE Financial Corp. (a)		22,500		497,025
Moody’s Corp. (b)		70,800		4,403,760
Morgan Stanley		33,400		2,801,592
				20,482,128
FOOD PRODUCTS — 0.6%
The Hershey Co.		41,400		2,095,668
HOME FURNISHINGS — 0.3%
Hunter Douglas N.V.		11,700		1,108,946
INSURANCE — 15.3%
Ambac Financial Group, Inc.		16,700		1,456,073
American International Group, Inc.		236,100		16,534,083
Aon Corp.		66,800		2,846,348
Berkshire Hathaway, Inc., Class A (a)		117		12,808,575
Chubb Corp.		17,800		963,692
Markel Corp. (a)		700		339,192
Millea Holdings, Inc.		96,700		3,973,381
NIPPONKOA Insurance Co.		62,200		560,656
Principal Financial Group, Inc.		21,100		1,229,919
Sun Life Financial, Inc. (b)		14,000		668,500
The Progressive Corp.		319,000		7,633,670
Transatlantic Holdings, Inc. (b)		54,900		3,905,037
				52,919,126
MANUFACTURING — 4.9%
Tyco International Ltd. (b)		505,400		17,077,466
METAL MINING — 0.3%
Rio Tinto plc		15,100		1,160,279
MINERALS — 0.3%
BHP Billiton plc		42,300		1,181,393
MULTIMEDIA — 1.8%
News Corp., Class A		293,600		6,227,256
NEWSPAPERS — 0.2%
Gannett Co., Inc.		15,800		868,210
OIL & GAS EXPLORATION, PRODUCTION & SERVICES — 11.0%
ConocoPhillips		228,050		17,901,925
Devon Energy Corp.		117,000		9,159,930
EOG Resources, Inc.		100,100		7,313,306
Transocean, Inc. (a)		37,300		3,953,054
				38,328,215

27

MMA Praxis Core Stock Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES OR
	PRINCIPAL
	AMOUNT		VALUE
COMMON STOCKS — 97.9%, continued
PHARMACEUTICALS — 2.6%
Cardinal Health, Inc.		50,600	$	3,574,384
Express Scripts, Inc. (a)		38,500		1,925,385
UnitedHealth Group, Inc.		71,900		3,676,966
				9,176,735
RECREATIONAL PRODUCTS — 1.8%
Harley-Davidson, Inc.		104,000		6,199,440
RETAIL — 9.2%
Bed Bath & Beyond, Inc. (a)		64,100		2,306,959
Costco Wholesale Corp.		260,700		15,256,164
CVS Caremark Corp.		139,022		5,067,352
Lowe’s Cos., Inc.		59,600		1,829,124
Sears Holdings Corp. (a)		5,700		966,150
Wal-Mart Stores, Inc.		133,300		6,413,063
				31,838,812
SCHOOLS & EDUCATIONAL SERVICES — 0.2%
Apollo Group, Inc., Class A (a)(b)		12,600		736,218
SOFTWARE & COMPUTER SERVICES — 2.3%
Microsoft Corp.		273,500		8,060,045
TELECOMMUNICATIONS — 2.3%
SK Telecom Co. Ltd. ADR (b)		72,800		1,991,080
Sprint Nextel Corp.		213,700		4,425,727
Virgin Media, Inc. (b)		67,958		1,656,136
				8,072,943
TRANSPORTATION SERVICES — 1.3%
Asciano Group (a)(b)		41,900		360,128
Kuehne & Nagel International AG		19,000		1,754,564
Toll Holdings Ltd. (b)		55,700		684,790
United Parcel Service, Inc., Class B		24,600		1,795,800
				4,595,282
TOTAL COMMON STOCKS				340,337,555
COMMERCIAL PAPER — 1.0%
Chesham Financial, 5.4%, 7/2/07		3,571,000		3,570,464
SHORT TERM INVESTMENTS — 0.1%
Northern Institutional Government Select Portfolio		179,141		179,141
CORPORATE NOTES — 1.2%
COMMUNITY DEVELOPMENT — 1.2%
MMA Community Development Investment, Inc., 2.98%, 12/31/09, (c)+		1,695,000		1,695,000
MMA Community Development Investment, Inc., 4.47%, 12/31/09, (c)+		2,570,000		2,570,000
TOTAL CORPORATE NOTES				4,265,000

28

MMA Praxis Core Stock Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING — 10.3%
Krediet Bank		6,423	$	6,423
Northern Institutional Liquid Asset Portfolio		34,323,877		34,323,877
U.S. Treasury Inflation Indexed Bonds, 2.00%, 1/15/26		1,453,843		1,384,710
TOTAL SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING				35,715,010
TOTAL INVESTMENTS (Cost $330,146,932) — 110.5%				384,067,170
Liabilities in excess of other assets — (10.5%)				(36,372,398	)
NET ASSETS — 100.0%			$	347,694,772

(a)	Non-income producing securities.
(b)	All or part of this security was on loan, as of June 30, 2007.
(c)	Represents affiliated restricted security as to resale to investors and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees. Acquisition date and current cost: MMA Community Development Investment, Inc., 2.98% - 12/01, $1,695,000 and MMA Community Development Investment, Inc., 4.47% - 12/01, $2,570,000. At June 30, 2007, these securities had an aggregate market value of $4,265,000 representing 1.2% of net assets.
+	Variable rate security. Rates presented are the rates in effect at June 30, 2007. Date presented reflects next rate change date.

ADR – American Depositary Receipt

plc – Public Liability Company

			UNREALIZED
FUTURES CONTRACTS PURCHASED	CONTRACTS		DEPRECIATION
S&P 500 Index Futures Contract, expiring September, 2007
(underlying face amount at value $4,167,350)		11	$91,300

See notes to financial statements.

29

MMA Praxis Core Stock Fund

Statement of assets and liabilities

June 30, 2007 (Unaudited)

ASSETS:
Investments, at value* (cost $290,166,922)	$	344,087,160
Investments in affiliates, at value (cost $4,265,000)		4,265,000
Investments held as collateral for securities loaned, at value (cost $35,715,010)		35,715,010
Total Investments		384,067,170
Cash		38,822
Cash held as collateral for futures contracts		154,000
Interest and dividends receivable		215,604
Receivable for capital shares sold		23,886
Receivable for investments sold		1,655,644
Prepaid expenses		28,247
Total Assets		386,183,373
LIABILITIES:
Distributions payable to shareholders		142,605
Payable for capital shares redeemed		1,322,560
Payable for securities loaned		35,715,010
Payable for investments purchased		882,229
Payable for variation margin on futures contracts		4,950
Accrued expenses and other payables:
Investment advisory fees		214,767
Affiliates		49,019
Distribution fees		45,953
Trustees fees		13,205
Other		98,303
Total Liabilities		38,488,601
NET ASSETS:
Capital		293,552,313
Accumulated net investment income		83,207
Accumulated net realized gain on investments and futures contracts		230,314
Net unrealized appreciation on investments		53,920,238
Unrealized depreciation of futures contracts		(91,300	)
Net Assets	$	347,694,772
Net Assets
Class A	$	107,213,822
Class B		64,833,046
Class I		175,647,904
Total	$	347,694,772
Shares Outstanding (unlimited number of shares authorized with $.01 par value)
Class A		6,650,594
Class B		4,206,410
Class I		10,854,810
Total		21,711,814
Net asset value
Class A — Redemption Price Per Share(A)	$	16.12
Class A — Maximum Sales Charge		5.25%
Class A — Maximum Offering Price Per Share
[(100%/(100%-Maximum Sales Charge) of net asset value adjusted to the nearest cent]	$	17.01
Class B — offering price per share**(A)	$	15.41
Class I — offering price per share **(A)	$	16.18

*	Includes securities on loan of $35,354,793.
**	Redemption price per share varies by length of time shares are held.
(A)	Net proceeds upon redemption may include a redemption fee.

See notes to financial statements.

30

Statement of assets and liabilities   

MMA Praxis Core Stock Fund

Statement of operations

For the six months ended June 30, 2007 (Unaudited)

INVESTMENT INCOME:
Dividends	$	3,053,495
Foreign tax withholding		(44,950	)
Interest		85,064
Income from securities lending		11,406
Interest from affiliates		79,975
Total Investment Income		3,184,990
EXPENSES:
Investment advisory fees		1,270,067
Distribution fees — Class A		126,868
Distribution fees — Class B		255,545
Reimbursement of Fund expenses paid by Adviser		148,501
Administration fees		249,375
Shareholder servicing fees — Class A		126,868
Shareholder servicing fees — Class B		85,181
Legal fees and expenses		38,911
Custodian fees		12,018
Trustees’ fee and expenses		25,480
Other expenses		173,756
Total expenses before reductions/reimbursements		2,512,570
Expenses reduced by Distributor		(160,941	)
Net Expenses		2,351,629
Net Investment Income		833,361
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments and futures contracts		3,403,414
Change in unrealized appreciation/depreciation of investments during the period		12,769,502
Change in unrealized appreciation/depreciation of futures contracts during the period		(98,863	)
Net realized and unrealized gain on investments and futures contracts		16,074,053
Net increase in net assets resulting from operations	$	16,907,414

See notes to financial statements.

31

Statement of operations   

MMA Praxis Core Stock Fund

Statements of changes in net assets

	Six Months
	Ended			Year Ended
	June 30, 2007			December 31,
	(Unaudited)			2006
From Investment Activities:
Net investment income	$	833,361		$	313,670
Net realized gain on investments and futures contracts		3,403,414			19,440,865
Change in unrealized appreciation/depreciation of investments and futures contracts during the period		12,670,639			17,859,139
Net increase in net assets resulting from operations		16,907,414			37,613,674
Distributions to Class A Shareholders:
From net investment income		(247,276	)		—
From net realized gain on investment		—			(4,511,679	)
Distributions to Class B Shareholders:
From net realized gain on investment		—			(3,639,759	)
Distributions to Class I Shareholders:
From net investment income		(688,521	)		—
From net realized gain on investment		—			(8,171,169	)
Change in net assets from distributions to shareholders		(935,797	)		(16,322,607	)
Change in net assets from capital transactions		(10,999,202	)		8,975,997
Change in net assets		4,972,415			30,267,064
Net Assets:
Beginning of Period		342,722,357			312,455,293
End of Period	$	347,694,772		$	342,722,357
Accumulated net investment income	$	83,207		$	102,601

See notes to financial statements.

32

Statements of changes in net assets   

MMA Praxis Core Stock Fund

Financial highlights

For a share outstanding throughout the period indicated.

	Class A Shares
	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2007			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, Beginning of Period	$	15.40		$	14.42		$	13.99		$	13.06		$	11.00		$	13.44
Investment Activities:
Net investment income		0.03			0.04			0.07			0.08			0.05			0.04
Net realized and unrealized gains (losses) from investments		0.73			1.70			0.42			0.92			2.01			(2.48	)
Total from Investment Activities		0.76			1.74			0.49			1.00			2.06			(2.44	)
Distributions:
Net investment income		(0.04	)		—			(0.06	)		(0.07	)		—	(a)		—
Net realized gain		—			(0.76	)		—			—			—			—
Tax return of capital		—			—			—			—			—	(a)		—
Total Distributions		(0.04	)		(0.76	)		(0.06	)		(0.07	)		—			—
Paid-in capital from redemption fees (a)		—			—			—			—			—			—
Net Asset Value, End of Period	$	16.12		$	15.40		$	14.42		$	13.99		$	13.06		$	11.00
Total Return (excludes sales charge)		4.92%	(b)		12.10%			3.52%			7.65%			18.77%			(18.15%	)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	107,214		$	95,185		$	208,640		$	202,474		$	41,244		$	25,314
Ratio of expenses to average net assets		1.46%	(c)		1.49%			1.34%			1.33%			1.25%			1.20%
Ratio of net investment income to average net assets		0.40%	(c)		0.19%			0.50%			1.04%			0.45%			0.35%
Ratio of expenses to average net assets*		1.53%	(c)		1.74%			1.60%			1.65%			1.86%			1.94%
Portfolio Turnover (d)		7.97%			72.41%			32.66%			9.99%			7.68%			10.20%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	Amount rounds to less than $0.005 per share.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

33

Financial highlights   

MMA Praxis Core Stock Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class B Shares
	Six Months
	Ended
	June 30,			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	2007			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2006			2005			2006			2003			2002
Net Asset Value, Beginning of Period	$	14.74		$	13.92		$	13.53		$	12.67		$	10.74		$	13.19
Investment Activities:
Net investment income (loss)		(0.03	)		(0.09	)		(0.02	)		0.01			(0.02	)		(0.02	)
Net realized and unrealized gains (losses) from investments		0.70			1.67			0.41			0.87			1.95			(2.43	)
Total from Investment Activities		0.67			1.58			0.39			0.88			1.93			(2.45	)
Distributions:
Net investment income		—			—			—			(0.02	)		—			—
Net realized gain		—			(0.76	)		—			—			—			—
Total distributions		—			(0.76	)		—			(0.02	)		—			—
Paid-in capital from redemption fees (a)		—			—			—			—			—			—
Net Asset Value, End of Period	$	15.41		$	14.74		$	13.92		$	13.53		$	12.67		$	10.74
Total Return (excludes redemption charge)		4.55%	(b)		11.38%			2.88%			6.96%			17.97%			(18.57%	)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	64,833		$	73,973		$	103,815		$	121,817		$	127,348		$	111,598
Ratio of expenses to average net assets		2.10%	(c)		2.13%			1.99%			1.98%			1.90%			1.75%
Ratio of net investment income (loss) to average net assets		(0.24%	) (c)		(0.52%	)		(0.14%	)		0.50%			(0.21%	)		(0.20%	)
Ratio of expenses to average net assets*		2.20%	(c)		2.23%			2.09%			2.22%			2.33%			2.44%
Portfolio Turnover (d)		7.97%			72.41%			32.66%			9.99%			7.68%			10.20%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	Amount rounds to less than $0.005 per share.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

34

MMA Praxis Core Stock Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class I Shares
	Six Months
	Ended			Period Ended
	June 30, 2007			December 31,
	(Unaudited)			2006 (a)
Net Asset Value, Beginning of Period	$	15.45		$	14.76
Investment Activities:
Net investment income		0.11			0.04
Net realized and unrealized gain from investments		0.68			1.41
Total from Investment Activities		0.79			1.45
Distributions:
Net investment income		(0.06	)		—
Net realized gain		—			(0.76	)
Total distributions		(0.06	)		(0.76	)
Net Asset Value, End of Period	$	16.18		$	15.45
Total Return (excludes redemption charge)		5.13%	(b)		9.86%	(b)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	175,648		$	173,565
Ratio of expenses to average net assets		1.03%	(c)		1.02%	(c)
Ratio of net investment income to average net assets		0.82%	(c)		0.43%	(c)
Ratio of expenses to average net assets*		1.03%	(c)		1.03%	(c)
Portfolio Turnover (d)		7.97%			72.41%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

35

MMA Praxis Value Index Fund

Semi-annual report to shareholders

Portfolio manager’s letter

Domestic equities surged higher during the first half of the year on a wave of acquisitions, stock buybacks, and leveraged buyouts. Strong demand for stocks in the face of a dwindling supply of public equity shares has combined with reasonably strong profits to impel stock prices higher.

As has been the case for several years, small- and mid-sized company stocks continued to lead larger company stocks, but in a reversal from the trend, the period saw growth style investing leading the value style. We have been expecting this reversal for some time now, but it remains to be seen whether returns will favor the growth style over a longer period, or if this is just a blip. Since June 30, 2000, the Standard & Poor/Citigroup Value Index opened a yawning gap of 78.6 percent over its growth counterpart, the Standard & Poor/Citigroup Growth Index. The growth indexes had a similar lead over value indexes at the height of the late 1990s stock market rally only to see their lead erased over a period of a few years. We don’t have a view on when or how much the growth style will catch up over the coming years, but we are firm believers in reversion to the mean which we believe will bring the returns to these investment styles more into balance over time.

The Praxis Value Index Fund (A shares) returned 4.57 percent during the first half of the year, which trailed the 6.75 percent return of the MSCI Prime Market Value Index (“MSCI Index”) benchmark. As we have described in past letters, the target index of the Fund is a custom value index that takes into account MMA’s unique stewardship investing screens. The Fund virtually matched the performance of this custom benchmark, meaning that the difference between the Fund and the MSCI Index was due almost solely to MMA’s screens. During the period, energy related stocks—particularly the so-called “super-major” oil companies—whose weight is underrepresented in the Fund relative to the MSCI Index, outperformed and consequently detracted from Fund performance. The Fund also has an overweight position in financial stocks that, as a group, lagged the overall market’s performance during the quarter. Again, this positioning—a byproduct of the screens—hindered Fund performance. We expect that depending upon the economic environment, screens will both aid and hinder the Fund’s performance over time.

Chad Horning, CFA^®

MMA Praxis Value Index Fund Co-manager

36

MMA Praxis Value Index Fund   

MMA Praxis Value Index Fund

Performance review

Average annual total returns as of 6/30/07

	Inception								Since
	Date		1 Year		3 Year		5 Year		Inception
Class A		5/1/01		19.26%		13.84%		11.69%		4.89%
Class A*		5/1/01		12.96%		11.80%		10.50%		3.98%
Class B		5/1/01		18.61%		13.28%		11.12%		4.36%
Class B**		5/1/01		14.61%		12.50%		10.99%		4.36%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit mmapraxis.com.

*	Reflects maximum front-end sales charge of 5.25%.
**	The Fund imposes a back-end sales charge (load) on Class B Shares if you sell your shares before a certain period of time has elapsed. This is called a Contingent Deferred Sales Charge (“CDSC”). The CDSC declines over five years starting with year one and ending in year six as follows: 4%, 4%, 3%, 2%, 1%.

The total return set forth reflects certain expenses that were voluntarily reduced, reimbursed or paid by third party. In such instances, and without this activity, total return would have been lower.

37

Performance review   

MMA Praxis Value Index Fund

Performance review (continued)

Growth of $10,000 investment 6/30/97 to 6/30/07

Class A - load				MSCI Prime Market Value Index				Class B - CDSC load
Date		Balance		Date		Balance		Date		Balance
	5/1/2001		9,479		5/1/2001		10,000		5/1/2001		10,000
	6/30/2001		9,261		6/30/2001		9,903		6/30/2001		9,376
	9/30/2001		7,933		9/30/2001		9,118		9/30/2001		8,012
	12/31/2001		8,368		12/31/2001		9,718		12/31/2001		8,448
	3/31/2002		8,340		3/31/2002		10,105		3/31/2002		8,409
	6/30/2002		7,321		6/30/2002		9,116		6/30/2002		7,370
	9/30/2002		5,849		9/30/2002		7,461		9/30/2002		5,877
	12/31/2002		6,460		12/31/2002		8,071		12/31/2002		6,486
	3/31/2003		6,123		3/31/2003		7,637		3/31/2003		6,138
	6/30/2003		7,253		6/30/2003		8,977		6/30/2003		7,342
	9/30/2003		7,407		9/30/2003		9,186		9/30/2003		7,489
	12/31/2003		8,422		12/31/2003		10,469		12/31/2003		8,509
	3/31/2004		8,607		3/31/2004		10,698		3/31/2004		8,686
	6/30/2004		8,625		6/30/2004		10,866		6/30/2004		8,771
	9/30/2004		8,743		9/30/2004		11,006		9/30/2004		8,881
	12/31/2004		9,522		12/31/2004		12,085		12/31/2004		9,654
	3/31/2005		9,305		3/31/2005		12,044		3/31/2005		9,434
	6/30/2005		9,530		6/30/2005		12,254		6/30/2005		9,745
	9/30/2005		9,878	��	9/30/2005		12,757		9/30/2005		10,091
	12/31/2005		10,104		12/31/2005		12,964		12/31/2005		10,299
	3/31/2006		10,645		3/31/2006		13,656		3/31/2006		10,847
	6/30/2006		10,668		6/30/2006		13,790		6/30/2006		10,966
	9/30/2006		11,334		9/30/2006		14,710		9/30/2006		11,620
	12/31/2006		12,167		12/31/2006		15,863		12/31/2006		12,464
	3/31/2007		12,220		3/31/2007		16,014		3/31/2007		12,507
	6/30/2007		12,723		6/30/2007		16,935		6/30/2007		13,007

This chart represents historical performance of a hypothetical investment of $10,000 in the Value Index Fund from 5/1/01 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Fund.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit mmapraxis.com.

The total return set forth reflects certain expenses that were voluntarily reduced, reimbursed or paid by third party. In such instances, and without this activity, total return would have been lower.

* Reflects maximum front-end sales charge of 5.25%.

¹  The MSCI US Prime Market Value Index represents the value companies of the MSCI US Prime Market 750 Index. (The MSCI US Prime Market 750 Index represents the universe of large and medium capitalization companies in the US equity market. This index targets for inclusion 750 companies and represents, as of October 29, 2004, approximately 86% of the capitalization of the US equity market.) The MSCI US Prime Market Value Index is a subset of the MSCI US Prime Market 750 Index.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The fund’s performance reflects the deduction of these value-added services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

38

MMA Praxis Value Index Fund

Schedule of portfolio investments

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%
AIRLINES — 0.2%
UAL Corp. (a)(b)		3,936	$	159,762
APPAREL MANUFACTURERS — 0.2%
Jones Apparel Group, Inc.		2,085		58,901
V.F. Corp.		1,430		130,960
				189,861
AUTOMOTIVE — 0.5%
BorgWarner, Inc. (b)		1,300		111,852
Ford Motor Co. (b)		25,694		242,037
				353,889
BANKS — 15.1%
Bank of America Corp.		66,193		3,236,176
Bank of New York Co., Inc.		11,220		464,957
BB&T Corp.		7,080		288,014
Comerica, Inc.		2,970		176,626
Commerce Bancorp, Inc. (b)		2,605		96,359
Compass Bancshares, Inc.		1,640		113,127
Fifth Third Bancorp. (b)		6,800		270,436
First Horizon National Corp. (b)		4,340		169,260
Huntington Bancshares, Inc. (b)		15,830		359,974
KeyCorp		5,490		188,472
M & T Bank Corp.		1,220		130,418
Marshall & Ilsley Corp.		2,970		141,461
Mellon Financial Corp.		4,610		202,840
National City Corp.		10,920		363,854
Northern Trust Corp.		2,561		164,519
Popular, Inc. (b)		6,040		97,063
Regions Financial Corp.		10,985		363,604
Sovereign Bancorp, Inc. (b)		6,368		134,620
SunTrust Banks, Inc.		5,110		438,131
U.S. Bancorp		25,712		847,210
UnionBanCal Corp.		2,010		119,997
Wachovia Corp.		28,416		1,456,320
Wells Fargo & Co.		46,667		1,641,278
Zions Bancorp		1,420		109,212
				11,573,928
BEVERAGES — 2.2%
Coca-Cola Company		26,760		1,399,816
Coca-Cola Enterprises, Inc.		5,760		138,240
Pepsi Bottling Group, Inc.		4,080		137,414
				1,675,470
BROADCAST SERVICES & PROGRAMMING — 0.9%
CBS Corp., Class B		9,850		328,202
Clear Channel Communications, Inc.		6,230		235,619
Liberty Media Corp. (a)		934		109,913
				673,734

39

Schedule of portfolio investments   

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%, continued
BROKERAGE SERVICES — 7.8%
A.G. Edwards, Inc.		1,098	$	92,836
Bear Stearns Cos., Inc.		1,793		251,020
Goldman Sachs Group, Inc.		2,028		439,569
JPMorgan Chase & Co.		51,625		2,501,231
Lehman Brothers Holdings, Inc.		6,710		500,029
Merrill Lynch & Co.		12,479		1,042,995
Morgan Stanley		14,416		1,209,214
				6,036,894
BUSINESS SERVICES — 0.3%
Fidelity National Information Services, Inc. (b)		2,151		116,757
Manpower, Inc.		1,160		106,998
				223,755
CHEMICALS - GENERAL — 1.0%
Air Products & Chemicals, Inc.		2,710		217,803
International Flavors & Fragrances, Inc.		1,451		75,655
Lyondell Chemical Co.		3,730		138,458
PPG Industries, Inc.		2,120		161,353
Rohm and Haas Company		3,400		185,912
				779,181
COMMERCIAL SERVICES — 0.1%
The Servicemaster Co. (b)		4,156		64,252
COMPUTER SERVICES — 0.2%
Electronic Data Systems Corp.		5,880		163,052
COMPUTER STORAGE DEVICES — 0.2%
Seagate Technology (b)		8,420		183,303
COMPUTERS & PERIPHERALS — 1.9%
Hewlett-Packard Co.		15,010		669,746
International Business Machines Corp.		7,802		821,161
				1,490,907
CONGLOMERATES — 0.5%
Emerson Electric Co.		8,520		398,736
CONSTRUCTION SERVICES — 0.3%
D.R. Horton, Inc.		4,110		81,913
Lennar Corp.		1,990		72,754
Toll Brothers, Inc. (a)(b)		2,057		51,384
				206,051
CONSUMER FINANCIAL SERVICES — 0.4%
H&R Block, Inc.		4,390		102,594
SLM Corp.		2,984		171,819
				274,413
CONSUMER PRODUCTS — 0.1%
Bausch & Lomb, Inc. (b)		1,305		90,619
CONTAINERS - PAPER & PLASTIC — 0.1%
Avery Dennison Corp. (b)		1,380		91,742

40

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%, continued
COSMETICS & TOILETRIES — 0.6%
Kimberly-Clark Corp.		7,271	$	486,357
DISTRIBUTION — 0.3%
Genuine Parts Co.		2,980		147,808
W.W. Grainger, Inc.		1,080		100,494
				248,302
E-COMMERCE — 0.1%
IAC/InterActiveCorp (a)		2,920		101,061
ELECTRIC SERVICES — 1.1%
Alliant Energy Corp.		2,010		78,089
CenterPoint Energy, Inc. (b)		4,463		77,656
Consolidated Edison, Inc. (b)		4,020		181,382
FPL Group, Inc.		5,580		316,610
NiSource, Inc.		4,520		93,609
Pepco Holdings, Inc. (b)		4,130		116,466
				863,812
ELECTRIC UTILITIES — 0.3%
Northeast Utilities		2,157		61,173
Pinnacle West Capital Corp. (b)		1,417		56,467
Spectra Energy Corp.		5,555		144,208
				261,848
ELECTRONIC & ELECTRICAL — GENERAL — 0.3%
Arrow Electronics, Inc. (a)		2,680		102,992
LSI Logic Corp. (a)(b)		15,558		116,841
				219,833
ENERGY — 0.8%
Valero Energy Corp.		8,724		644,355
FINANCIAL SERVICES — 10.8%
Ambac Financial Group, Inc.		1,680		146,479
American Capital Strategies Ltd. (b)		2,480		105,450
Ameriprise Financial, Inc.		3,226		205,077
Capital One Financial Corp. (b)		6,636		520,528
CIT Group, Inc.		3,120		171,070
Citigroup, Inc.		72,383		3,712,523
Countrywide Financial Corp.		8,880		322,788
Federal Home Loan Mortgage Corp.		9,857		598,320
Federal National Mortgage Association		14,442		943,495
Janus Capital Group, Inc. (b)		5,467		152,201
MBIA, Inc. (b)		2,670		166,127
MGIC Investment Corp. (b)		1,650		93,819
PNC Financial Services Group, Inc.		5,600		400,848
Synovus Financial Corp.		3,071		94,280
The Student Loan Corp. (b)		364		74,220
Washington Mutual, Inc. (b)		14,218		606,256
				8,313,481

41

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%, continued
FIRE, MARINE, AND CASUALTY INSURANCE — 0.4%
Axis Capital Holdings Ltd.		2,576	$	104,714
Transatlantic Holdings, Inc.		1,150		81,800
White Mountains Insurance Group Ltd. (b)		170		103,023
				289,537
FOOD DISTRIBUTORS & WHOLESALERS — 0.5%
Dean Foods Co. (a)(b)		1,979		63,071
Sara Lee Corp.		9,490		165,126
SUPERVALU, Inc.		3,784		175,275
				403,472
FOOD PROCESSING — 1.0%
Bunge Ltd. (b)		1,750		147,875
ConAgra Foods, Inc.		5,730		153,908
H.J. Heinz Co.		3,630		172,316
Hormel Foods Corp.		5,240		195,714
McCormick & Co.		1,799		68,686
				738,499
FOOD PRODUCTS — 1.3%
General Mills, Inc.		4,143		242,034
Kraft Foods, Inc.		21,351		752,623
				994,657
FOOD STORES — 0.5%
Kroger Co.		7,560		212,663
Safeway, Inc.		4,910		167,087
				379,750
FORESTRY — 0.2%
Plum Creek Timber Co., Inc. (b)		3,030		126,230
FURNITURE & HOME FURNISHINGS — 0.1%
Leggett & Platt, Inc.		4,000		88,200
HEALTH CARE SERVICES — 0.3%
AmerisourceBergen Corp.		3,380		167,208
Triad Hospitals, Inc. (a)(b)		1,810		97,306
				264,514
HOTELS & MOTELS — 0.1%
Wyndham Worldwide Corp. (a)(b)		3,004		108,925
HOUSEHOLD PRODUCTS — 0.1%
Newell Rubbermaid, Inc.		3,410		100,356
INDUSTRIAL GOODS & SERVICES — 0.2%
Masco Corp.		5,370		152,884
INSURANCE — 9.3%
Allstate Corp.		8,810		541,903
American International Group, Inc.		32,702		2,290,120
Aon Corp.		4,110		175,127
Assurant, Inc.		1,710		100,753

42

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%, continued
Chubb Corp.		5,790	$	313,471
CIGNA Corp.		2,622		136,921
Cincinnati Financial Corp.		4,150		180,110
Everest Re Group		1,400		152,096
First American Corp. (b)		1,690		83,655
Genworth Financial, Inc.		6,830		234,952
Hartford Financial Services Group, Inc.		4,610		454,131
Lincoln National Corp.		4,115		291,959
Marsh & McLennan Cos., Inc.		7,300		225,424
MetLife, Inc.		11,372		733,267
Prudential Financial, Inc.		5,040		490,039
Radian Group, Inc.		1,551		83,754
RenaissanceRe Holdings Ltd.		1,347		83,501
SAFECO Corp.		1,930		120,162
The PMI Group, Inc.		2,670		119,269
Torchmark Corp. (b)		1,550		103,850
UnumProvident Corp.		5,050		131,856
Willis Group Holdings, Ltd.		3,490		153,769
				7,200,089
INSURANCE PROPERTY-CASUALTY — 1.7%
ACE Ltd.		5,040		315,101
Fidelity National Title, Class A (a)		3,334		79,016
Markel Corp. (a)		189		91,582
The Travelers Companies, Inc.		10,210		546,234
XL Capital Ltd.		3,040		256,242
				1,288,175
IRON & STEEL — 0.2%
United States Steel Corp.		1,730		188,138
MACHINERY — 0.6%
Deere & Co.		1,584		191,252
Ingersoll-Rand Co. Ltd.		4,150		227,503
Stanley Works		1,320		80,124
				498,879
MANUFACTURING — 1.9%
Cooper Industries Ltd., Class A (b)		2,340		133,591
Domtar Corp. (a)(b)		10,904		121,689
MoHawk Industries, Inc. (a)(b)		721		72,670
SPX Corp.		1,110		97,469
Tyco International Ltd.		28,460		961,662
Whirlpool Corp. (b)		1,084		120,541
				1,507,622
MEDICAL - BIOMEDICAL/GENETIC — 0.2%
Biogen Idec, Inc. (a)(b)		2,323		124,281
MEDICAL - HOSPITALS — 0.1%
Health Management Associates, Inc., Class A (b)		7,602		86,359

43

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%, continued
MEDICAL EQUIPMENT & SUPPLIES — 0.4%
Boston Scientific Corp. (a)		21,142	$	324,318
MEDICAL SUPPLIES — 0.1%
Hillenbrand Industry, Inc. (b)		1,580		102,700
MULTIMEDIA — 0.6%
Time Warner, Inc.		23,264		489,475
NEWSPAPERS — 0.5%
E.W. Scripps Co. (b)		2,000		91,380
Gannett Co., Inc.		2,860		157,157
The Washington Post Company, Class B (b)		102		79,161
Tribune Co.		2,490		73,206
				400,904
OFFICE EQUIPMENT & SERVICES — 0.7%
Pitney Bowes, Inc.		5,890		275,770
Xerox Corp. (a)		13,430		248,186
				523,956
OIL - INTEGRATED — 2.6%
ConocoPhillips		23,020		1,807,070
Hess Corp.		3,430		202,233
				2,009,303
OIL & GAS EXPLORATION, PRODUCTION & SERVICES — 2.1%
Anadarko Petroleum Corp.		6,220		323,378
Apache Corp.		4,416		360,301
Devon Energy Corp.		6,149		481,406
Nabors Industries Ltd. (a)(b)		2,252		75,172
ONEOK, Inc. (b)		1,601		80,706
Patterson-UTI Energy, Inc.		3,004		78,735
Pioneer Natural Resources		2,200		107,162
Rowan Cos., Inc. (b)		2,027		83,066
				1,589,926
OIL & GAS OPERATIONS — 0.6%
Chesapeake Energy Corp. (b)		5,330		184,417
Cimarex Energy Co.		1,839		72,475
Newfield Exploration Co. (a)(b)		1,550		70,603
Noble Energy, Inc.		2,223		138,693
				466,188
OIL & GAS TRANSMISSION — 1.2%
El Paso Corp. (b)		8,480		146,110
KeySpan Corp.		13,789		578,862
Sempra Energy		3,650		216,190
				941,162

44

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%, continued
PAPER PRODUCTS — 1.0%
International Paper Co.		5,800	$	226,490
MeadWestvaco Corp.		3,520		124,326
Smurfit-Stone Container Corp. (a)(b)		8,366		111,351
Temple-Inland, Inc.		1,600		98,448
Weyerhaeuser Co.		3,090		243,895
				804,510
PHARMACEUTICALS — 6.7%
Abbott Laboratories		16,690		893,750
Bristol-Myers Squibb Co.		29,820		941,119
Eli Lilly and Co.		13,590		759,409
Hospira, Inc. (a)		1,788		69,804
Merck & Co., Inc.		32,339		1,610,481
Omnicare, Inc. (b)		1,814		65,413
Wyeth		14,390		825,123
				5,165,099
PRINTING — COMMERCIAL — 0.2%
R.R. Donnelley & Sons Co.		3,070		133,576
PUBLISHING — 0.2%
Idearc, Inc.		3,456		122,100
RAILROADS — 0.3%
Norfolk Southern Corp.		4,530		238,142
RAW MATERIALS — 0.2%
Vulcan Materials Co. (b)		1,250		143,175
REAL ESTATE INVESTMENT TRUST — 1.4%
Archstone-Smith Trust		3,030		179,103
Developers Diversified Realty Corp. (b)		1,650		86,972
Equity Residential		4,020		183,433
Health Care Property Investors, Inc. (b)		2,795		80,859
iStar Financial, Inc.		3,075		136,315
Kimco Realty Corp.		3,260		124,108
Public Storage, Inc.		1,340		102,939
Regency Centers Corp.		1,134		79,947
Vornado Realty Trust		1,324		145,428
				1,119,104
REAL ESTATE OPERATIONS — 1.9%
AMB Property Corp.		1,260		67,057
Apartment Investment & Management Co. (b)		1,630		82,185
AvalonBay Communities, Inc.		1,090		129,579
Boston Properties, Inc. (b)		1,630		166,472
Duke Realty Corp.		1,920		68,486
Forest City Enterprises, Inc., Class A (b)		1,004		61,726

45

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%, continued
Host Hotels & Resorts, Inc.		9,372	$	216,681
Macerich Co.		1,250		103,025
Simon Property Group, Inc.		2,510		233,530
SL Green Realty Corp. (b)		945		117,076
UDR, Inc. (b)		2,300		60,490
Ventas, Inc.		1,703		61,734
Weingarten Realty Investors (b)		1,584		65,102
				1,433,143
RECREATIONAL ACTIVITIES — 0.6%
Carnival Corp.		7,490		365,287
Royal Caribbean Cruises Ltd. (b)		2,260		97,135
				462,422
RECREATIONAL PRODUCTS — 0.3%
Hasbro, Inc.		2,701		84,838
Mattel, Inc.		5,820		147,188
				232,026
RESIDENTIAL BUILDING CONSTRUCTION — 0.3%
Centex Corp.		1,610		64,561
KB Home (b)		1,605		63,189
Pulte Homes, Inc.		3,470		77,901
				205,651
RESTAURANTS — 0.9%
McDonald’s Corp.		12,752		647,291
Wendy’s International, Inc.		2,142		78,719
				726,010
RETAIL — 0.8%
Dollar General Corp.		4,905		107,518
Limited Brands, Inc.		6,530		179,249
Sherwin-Williams Co.		1,770		117,652
The Gap, Inc.		9,860		188,325
				592,744
SAVINGS & LOANS — 0.2%
Hudson City Bancorp, Inc.		7,260		88,717
People’s United Financial, Inc.		4,914		87,125
				175,842
SEMICONDUCTORS — 0.4%
Intersil Corp.		3,100		97,526
Maxim Integrated Products, Inc.		2,952		98,626
Microchip Technology, Inc.		2,746		101,712
				297,864
SOFTWARE & SERVICES — 0.1%
Cadence Design Systems, Inc. (a)(b)		4,610		101,236

46

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 99.1%, continued
TELECOMMUNICATIONS — 9.4%
ALLTEL Corp.		4,900	$	330,995
AT&T, Inc.		93,569		3,883,115
CenturyTel, Inc.		1,880		92,214
Sprint Nextel Corp.		41,219		853,645
Telephone & Data Systems, Inc.		1,172		73,332
Verizon Communications, Inc.		43,343		1,784,431
Virgin Media, Inc.		3,830		93,337
Windstream Corp. (b)		8,712		128,589
				7,239,658
TELECOMMUNICATIONS-SERVICES & EQUIPMENT — 0.3%
Embarq Corp.		2,220		140,681
Tellabs, Inc. (a)		9,597		103,264
				243,945
WASTE MANAGEMENT — 0.1%
Republic Services, Inc.		3,180		97,435
TOTAL COMMON STOCKS				76,690,779
SHORT TERM INVESTMENTS — 0.2%
Northern Institutional Government Select Portfolio		146,524		146,524
CORPORATE NOTES — 0.8%
COMMUNITY DEVELOPMENT — 0.8%
MMA Community Development Investment, Inc., 2.98%, 12/31/09, (c)+		175,000		175,000
MMA Community Development Investment, Inc., 4.47%, 12/31/09, (c)+		435,000		435,000
TOTAL CORPORATE NOTES				610,000
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING — 10.3%
Anz Bank Government		1,808		1,808
Banco Santander Central Hispano		78,764		78,764
Bank of New York City Letter of Credit		18		18
Krediet Bank		5,717		5,717
Lloyds Letter of Credit		12,655		12,655
LOCC HSBC Letter of Credit		3,616		3,616
Monte Dei Paschi Di Siena		4,520		4,520
National Australia		9,039		9,039
Northern Institutional Liquid Asset Portfolio		6,656,413		6,656,413
Paribas Letter of Credit		10,847		10,847
Royal Bank Canada Letter of Credit		5,424		5,424
San Paolo IMI Bank		6,328		6,328
Standard Chartered Bank Letter of Credit		2,712		2,712
U.S. Treasury Bond, 3.38%, 10/15/09		100		97
U.S. Treasury Bond, 7.50%, 11/15/16		12		14
U.S. Treasury Bond, 8.88%, 8/15/17		25		33

47

MMA Praxis Value Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING — 10.3%, continued
U.S. Treasury Bond, 8.75%, 8/15/20		708	$	969
U.S. Treasury Bond, 5.25%, 2/15/29		2,202		2,260
U.S. Treasury Inflation Indexed Bonds, 1.88%, 7/15/13		13,556		14,757
U.S. Treasury Inflation Indexed Bonds, 1.88%, 7/15/15		164,134		166,240
U.S. Treasury Inflation Indexed Bonds, 2.38%, 1/15/25		199,678		212,819
U.S. Treasury Inflation Indexed Bonds, 2.00%, 1/15/26		23,058		21,961
U.S. Treasury Inflation Indexed Bonds, 2.38%, 1/15/27		63,995		63,658
U.S. Treasury Inflation Indexed Bonds, 3.63%, 4/15/28		41,965		62,513
U.S. Treasury Inflation Indexed Bonds, 3.88%, 4/15/29		88		134
U.S. Treasury Inflation Indexed Notes, 3.88%, 1/15/09		124		161
U.S. Treasury Inflation Indexed Notes, .88%, 4/15/10		179,639		186,412
U.S. Treasury Inflation Indexed Notes, 2.38% , 4/15/11		246,885		255,440
U.S. Treasury Inflation Indexed Notes, 2.00% , 4/15/12		28,901		28,863
U.S. Treasury Inflation Indexed Notes, 2.00%, 1/15/14		12,215		13,250
U.S. Treasury Inflation Indexed Notes, 1.63%, 1/15/15		413		418
U.S. Treasury Inflation Indexed Notes, 2.00%, 1/15/16		27,869		27,806
U.S. Treasury Inflation Indexed Notes, 2.50%, 7/15/16		137,141		140,332
Westpac Letter of Credit		1,790		1,790
TOTAL SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING				7,997,788
TOTAL INVESTMENTS (Cost $70,871,203) — 110.4%				85,445,091
Liabilities in excess of other assets — (10.4%)				(8,069,984	)
NET ASSETS — 100.0%			$	77,375,107

(a)	Non-income producing securities.
(b)	All or part of this security was on loan, as of June 30, 2007.
(c)	Represents affiliated restricted security as to resale to investors and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees. Acquisition date and current cost: MMA Community Development Investment, Inc., 2.98% - 7/02, $175,000 and MMA Community Development Investment, Inc., 4.47% - 12/01, $435,000. At June 30, 2007 these securities had an aggregate market value of $610,000, representing 0.8% of net assets.
+	Variable rate security. Rates presented are the rates in effect at June 30, 2007. Date presented reflects next rate change date.

			UNREALIZED
FUTURES CONTRACTS PURCHASED	CONTRACTS		DEPRECIATION
S&P 500 Index Futures Contract, expiring September, 2007 (underlying face amount at value $378,850)		1	$	8,300

See notes to financial statements.

48

MMA Praxis Value Index Fund

Statement of assets and liabilities

June 30, 2007 (Unaudited)

ASSETS:
Investments, at value* (cost $62,263,415)	$	76,837,303
Investments in affiliates, at value (cost $610,000)		610,000
Investments held as collateral for securities loaned, at value (cost $7,997,788)		7,997,788
Total Investments		85,445,091
Cash		5,346
Cash held as collateral for futures contracts		14,000
Interest and dividends receivable		109,233
Receivable for capital shares sold		211,498
Prepaid expenses		20,851
Total Assets		85,806,019
LIABILITIES:
Distributions payable to shareholders		178,475
Payable for capital shares redeemed		33,696
Payable for investments purchased		137,348
Payable for securities loaned		7,997,788
Payable for variation margin on futures contracts		450
Accrued expenses and other payables:
Investment advisory fees		19,255
Affiliates		2,288
Distribution fees		14,126
Trustees fees		9,052
Other		38,434
Total Liabilities		8,430,912
NET ASSETS:
Capital		61,148,598
Accumulated net investment income		5,422
Accumulated net realized gain on investments and futures contracts		1,655,499
Net unrealized appreciation on investments		14,573,888
Unrealized depreciation of futures contracts		(8,300	)
Net Assets	$	77,375,107
Net Assets
Class A	$	30,269,349
Class B		14,589,910
Class I		32,515,848
Total	$	77,375,107
Shares Outstanding (unlimited number of shares authorized with $.01 par value)
Class A		2,549,041
Class B		1,230,193
Class I		2,750,498
Total		6,529,732
Net asset value
Class A — Redemption Price Per Share(A)	$	11.87
Class A — Maximum Sales Charge		5.25%
Class A — Maximum Offering Price Per Share [(100%/(100%-Maximum Sales Charge) of net asset value adjusted to the nearest cent]	$	12.53
Class B — offering price per share**(A)	$	11.86
Class I — offering price per share**(A)	$	11.82

*	Includes securities on loan, $7,827,836.
**	Redemption price per share varies by length of time shares are held.
(A)	Net proceeds upon redemption may include a redemption fee.

See notes to financial statements.

49

Statement of assets and liabilities   

MMA Praxis Value Index Fund

Statement of operations

For the six months ended June 30, 2007 (Unaudited)

INVESTMENT INCOME:
Dividends	$	869,218
Interest		8,347
Income from securities lending		3,859
Interest from affiliates		11,509
Total Investment Income		892,933
EXPENSES:
Investment advisory fees		105,608
Distribution fees — Class A		33,425
Distribution fees — Class B		52,961
Shareholder servicing fees — Class A		33,425
Shareholder servicing fees — Class B		17,654
Administration fees		49,240
Legal fees and expenses		27,711
Reimbursement of Fund expenses paid by Adviser		7,293
Trustees’ fee and expenses		21,750
Custodian fees		416
Other expenses		56,707
Total expenses before reductions/reimbursements		406,190
Expenses reduced by Distributor		(47,548	)
Net Expenses		358,642
Net Investment Income		534,291
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on security transactions and futures contracts		1,821,767
Change in unrealized appreciation/depreciation of investments during the period		774,154
Change in unrealized appreciation/depreciation of futures contracts during the period		(8,988	)
Net realized and unrealized gain on investments and futures contracts		2,586,933
Net increase in net assets resulting from operations	$	3,121,224

See notes to financial statements.

50

Statement of operations   

MMA Praxis Value Index Fund

Statements of changes in net assets

	Six Months
	Ended			Year Ended
	June 30, 2007			December 31,
	(Unaudited)			2006
From Investment Activities:
Net investment income	$	534,291		$	821,341
Net realized gain on investments and futures contracts		1,821,767			3,952,768
Change in unrealized appreciation/depreciation of investments and futures contracts during the period		765,166			6,005,631
Net increase in net assets resulting from operations		3,121,224			10,779,740
Distributions to Class A Shareholders:
From net investment income		(208,749	)		(229,838	)
From net realized gain on investment		—			(1,046,612	)
Distributions to Class B Shareholders:
From net investment income		(58,101	)		(84,278	)
From net realized gain on investment		—			(653,735	)
Distributions to Class I Shareholders:
From net investment income		(267,426	)		(473,923	)
From net realized gain on investment		—			(1,273,012	)
Change in net assets from distributions to shareholders		(534,276	)		(3,761,398	)
Change in net assets from capital transactions		11,493,214			4,598,465
Change in net assets		14,080,162			11,616,807
Net Assets:
Beginning of period		63,294,945			51,678,138
End of period	$	77,375,107		$	63,294,945
Accumulated net investment income	$	5,422		$	5,407

See notes to financial statements.

51

Statements of changes in net assets   

MMA Praxis Value Index Fund

Financial highlights

For a share outstanding throughout the period indicated.

	Class A Shares
	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2007			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, Beginning of Period	$	11.43		$	10.09		$	9.65		$	8.65		$	6.72		$	8.79
Investment Activities:
Net investment income		0.06			0.22			0.15			0.12			0.10			0.07
Net realized and unrealized gains (losses) from investments		0.46			1.82			0.44			1.00			1.93			(2.07	)
Total from Investment Activities		0.52			2.04			0.59			1.12			2.03			(2.00	)
Distributions:
Net investment income		(0.08	)		(0.13	)		(0.15	)		(0.12	)		(0.10	)		(0.07	)
Net realized gain		—			(0.57	)		—			—			—			—
Tax return of capital		—			—			—			—			—	(a)		—
Total Distributions		(0.08	)		(0.70	)		(0.15	)		(0.12	)		(0.10	)		(0.07	)
Paid-in capital from redemption fees (a)		—			—			—			—			—			—
Net Asset Value, End of Period	$	11.87		$	11.43		$	10.09		$	9.65		$	8.65		$	6.72
Total Return (excludes sales charge)		4.57%	(b)		20.41%			6.12%			13.07%			30.38%			(22.81%	)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	30,269		$	22,426		$	39,874		$	33,640		$	25,815		$	15,071
Ratio of expenses to average net assets		1.02%	(c)		1.11%			1.04%			1.04%			0.95%			0.95%
Ratio of net investment income to average net assets		1.52%	(c)		1.52%			1.55%			1.45%			1.49%			0.98%
Ratio of expenses to average net assets*		1.24%	(c)		1.37%			1.30%			1.48%			1.71%			2.13%
Portfolio Turnover (d)		30.64%			55.37%			25.25%			24.76%			35.21%			30.61%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	Amount rounds to less than $0.005 per share.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

52

Financial highlights   

MMA Praxis Value Index Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class B Shares
	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2007			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, Beginning of Period	$	11.41		$	10.07		$	9.62		$	8.64		$	6.71		$	8.78
Investment Activities:
Net investment income		0.05			0.10			0.09			0.08			0.07			0.03
Net realized and unrealized gains (losses) from investments		0.45			1.88			0.45			0.98			1.93			(2.07	)
Total from Investment Activities		0.50			1.98			0.54			1.06			2.00			(2.04	)
Distributions:
Net investment income		(0.05	)		(0.07	)		(0.09	)		(0.08	)		(0.07	)		(0.03	)
Net realized gain		—			(0.57	)		—			—			—			—
Total Distributions		(0.05	)		(0.64	)		(0.09	)		(0.08	)		(0.07	)		(0.03	)
Paid-in capital from redemption fees		—	(a)		—	(a)		—			—			—			—
Net Asset Value, End of Period	$	11.86		$	11.41		$	10.07		$	9.62		$	8.64		$	6.71
Total Return (excludes redemption charge)		4.36%	(b)		19.85%			5.61%			12.31%			29.82%			(23.24%	)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	14,590		$	13,840		$	11,804		$	9,155		$	5,651		$	3,227
Ratio of expenses to average net assets		1.58%	(c)		1.67%			1.59%			1.60%			1.50%			1.50%
Ratio of net investment income to average net assets		0.96%	(c)		0.93%			1.00%			0.91%			0.94%			0.44%
Ratio of expenses to average net assets*		1.75%	(c)		1.89%			1.78%			1.99%			2.21%			2.64%
Portfolio Turnover (d)		30.64%			55.37%			25.25%			24.76%			35.21%			30.61%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	Amount rounds to less than $0.005 per share.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

53

MMA Praxis Value Index Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class I Shares
	Six Months
	Ended			Period Ended
	June 30, 2007			December 31,
	(Unaudited)			2006 (a)
Net Asset Value, Beginning of Period	$	11.38		$	10.90
Investment Activities:
Net investment income		0.03			0.12
Net realized and unrealized gains from investments		0.51			1.13
Total from Investment Activities		0.54			1.25
Distributions:
Net investment income		(0.10	)		(0.20	)
Net realized gain		—			(0.57	)
Total Distributions		(0.10	)		(0.77	)
Net Asset Value, End of Period	$	11.82		$	11.38
Total Return (excludes redemption charge)		4.73%	(b)		11.67%	(b)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	32,516		$	27,029
Ratio of expenses to average net assets		0.75%	(c)		0.89%	(c)
Ratio of net investment income to average net assets		1.79%	(c)		1.69%	(c)
Ratio of expenses to average net assets*		0.75%	(c)		0.95%	(c)
Portfolio Turnover (d)		30.64%			55.37%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been indicated.
(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

54

MMA Praxis Growth Index Fund

Semi-annual report to shareholders

Portfolio manager’s letter

United States equity markets continued their move upward during the first half of the year and the Fund participated in this performance since its launch on May 1, 2007. As we discussed in the MMA Praxis Value Index Fund commentary, the tide appears to have shifted in favor of the growth style of investing, but only time will tell if the trend has staying power. Since May 1, the Fund (Class A Share, NAV) has returned 1.70 percent, slightly trailing its benchmark, the MSCI U.S. Prime Growth Index, which generated a return of 2.24 percent for the same brief time.

The MMA Praxis Growth Index Fund is managed in the same fashion the MMA Praxis Value Index Fund has been over the last year or so, but with a focus on the growth style of investing. As a refresher, the Fund incorporates MMA’s stewardship investing process and screens just like the other equity funds in the MMA Praxis family. Portfolio construction is determined by a custom benchmark index maintained by MSCI, which is based on MMA’s screens. This custom index serves as the target index for the Fund, which typically owns fewer than the total number of securities in the custom index in order to minimize the costs associated with trading and owning additional securities while still maintaining the intrinsic characteristics of the custom benchmark.

The MSCI Prime Market Growth Index was chosen as the Fund’s public benchmark for several reasons, but primarily because we believe it is best at representing how active growth style investors actually manage portfolios. The index includes stocks drawn from the MSCI Prime Market 750 Index having characteristics most often associated with the growth style of investing. Its design leads to an accurate representation of the growth style of the market, as well as lower portfolio turnover than some of its peers, thus lowering trading expenses.

As with the MMA Praxis Value Index Fund, we expect the Fund to differ in return compared to the MSCI Prime Market Growth Index as a result of MMA’s screens, which will add to performance in some environments and will hinder Fund returns in others.

Chad Horning, CFA^®

MMA Praxis Growth Index Fund Co-manager

55

MMA Praxis Growth Index Fund   

MMA Praxis Growth Index Fund

Schedule of portfolio investments

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%
ADVERTISING — 0.3%
Omnicom Group, Inc.		100	$	5,292
ADVERTISING AGENCIES — 0.3%
Interpublic Group of Companies, Inc. (a)(b)		132		1,505
Lamar Advertising Co. (b)		28		1,757
Monster Worldwide, Inc. (a)		54		2,219
				5,481
AIRLINES — 0.3%
AMR Corp. (a)(b)		78		2,055
Southwest Airlines Co.		221		3,295
				5,350
APPAREL MANUFACTURERS — 0.8%
Coach, Inc. (a)		104		4,929
NIKE, Inc. — Class B		101		5,887
Polo Ralph Lauren Corp.		20		1,962
				12,778
ASSET MANAGEMENT — 0.6%
Franklin Resources, Inc.		49		6,491
Legg Mason, Inc.		39		3,837
				10,328
BANKS — 1.2%
Berkshire Hathaway, Inc. — Class B (a)		3		10,815
Mellon Financial Corp.		49		2,156
State Street Corp.		87		5,951
				18,922
BEVERAGES — 2.1%
Coca-Cola Company		180		9,416
PepsiCo, Inc.		389		25,226
				34,642
BROADCAST SERVICES & PROGRAMMING — 0.3%
Liberty Global, Inc. — Class A (a)(b)		63		2,585
Liberty Global, Inc. — Series C (a)		53		2,083
				4,668
BROADCASTING/CABLE — 3.1%
Cablevision Systems Corp. — Class A		68		2,461
Citadel Broadcasting Corp. (b)		33		213
Comcast Corp. — Class A (a)		502		14,116
Comcast Corp. — Special Class A (a)		271		7,577
DIRECTV Group, Inc. (a)		180		4,160
EchoStar Communications Corp. — Class A (a)		60		2,602
Liberty Media Corp. — Capital (a)		24		2,824
Walt Disney Co.		500		17,070
				51,023

56

Schedule of portfolio investments   

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
BROKERAGE SERVICES — 1.5%
Charles Schwab Corp.		275	$	5,643
Goldman Sachs Group, Inc.		79		17,123
TD Ameritrade Holding Corp. (b)		83		1,660
				24,426
BUSINESS SERVICES — 2.1%
Accenture Ltd.		157		6,734
Automatic Data Processing, Inc.		145		7,029
CBOT Holdings, Inc. (a)		9		1,859
Ceridian Corp. (a)		44		1,540
Chicago Mercantile Exchange Holdings, Inc.		7		3,741
IntercontinentalExchange, Inc. (a)		12		1,774
Iron Mountain, Inc. (a)		77		2,012
Johnson Controls, Inc.		51		5,904
Paychex, Inc.		102		3,990
				34,583
CHEMICALS — GENERAL — 0.7%
Air Products & Chemicals, Inc.		28		2,250
Huntsman Corp. (b)		106		2,577
Praxair, Inc.		91		6,551
				11,378
COAL — 0.3%
Arch Coal, Inc. (b)		44		1,531
CONSOL Energy, Inc.		56		2,582
				4,113
COMMERCIAL SERVICES — 0.2%
Equifax, Inc.		60		2,665
COMMUNICATIONS EQUIPMENT — 0.3%
Avaya, Inc. (a)		250		4,210
COMMUNICATIONS SERVICES — 0.7%
American Tower Corp. (a)		125		5,250
Crown Castle International Corp. (a)		180		6,529
				11,779
COMPUTER SERVICES — 0.4%
First Data Corp.		195		6,371
COMPUTER STORAGE DEVICES — 1.2%
EMC Corp. (a)		568		10,281
Micron Technology, Inc. (a)		218		2,732
Network Appliance, Inc. (a)		112		3,270
SanDisk Corp. (a)		61		2,985
				19,268
COMPUTERS & PERIPHERALS — 8.5%
Apple, Inc. (a)		218		26,605
Cisco Systems, Inc. (a)		1,505		41,915
Dell, Inc. (a)		504		14,389
Hewlett-Packard Co.		433		19,320

57

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
International Business Machines Corp.		243	$	25,576
NCR Corp. (a)		57		2,995
Sun Microsystems, Inc. (a)		968		5,092
				135,892
CONGLOMERATES — 1.2%
3M Co.		179		15,535
Emerson Electric Co.		97		4,540
				20,075
CONSTRUCTION — 0.5%
Fluor Corp.		32		3,564
Joy Global, Inc.		37		2,158
Martin Marietta Materials, Inc.		14		2,268
				7,990
CONSUMER FINANCIAL SERVICES — 1.4%
American Express Co.		261		15,968
MasterCard, Inc. — Class A (b)		18		2,986
Western Union Co.		211		4,395
				23,349
CONSUMER GOODS & SERVICES — 2.9%
Procter & Gamble Co.		772		47,239
CONTAINERS — PAPER & PLASTIC — 0.1%
Sealed Air Corp.		64		1,985
COSMETICS & TOILETRIES — 1.0%
Avon Products, Inc.		120		4,410
Clorox Co.		50		3,105
Colgate-Palmolive Co.		130		8,431
				15,946
E-COMMERCE — 1.2%
Amazon.com, Inc. (a)		83		5,678
eBay, Inc. (a)		292		9,397
Liberty Media Corp. — Interactive (a)		188		4,198
				19,273
ELECTRIC SERVICES — 0.5%
TXU Corp.		109		7,336
ELECTRIC UTILITIES — 0.5%
AES Corp. (a)		199		4,354
NRG Energy, Inc. (a)(b)		95		3,949
				8,303
ELECTRONIC & ELECTRICAL — GENERAL — 0.1%
Harman International Industries, Inc.		19		2,219
FINANCIAL SERVICES — 1.3%
E*Trade Financial Corp. (a)		116		2,562
Moody’s Corp.		61		3,794
Nymex Holdings, Inc. (b)		25		3,141

58

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
NYSE Euronext (b)		35	$	2,577
SLM Corp.		82		4,722
T. Rowe Price Group, Inc.		80		4,151
				20,947
FOOD PROCESSING — 0.7%
Campbell Soup Co.		76		2,950
Kellogg Co.		107		5,541
Wm. Wrigley Jr., Co.		63		3,485
				11,976
FOOD STORES — 0.8%
Kroger Co.		85		2,391
Safeway, Inc.		88		2,995
Sysco Corp.		164		5,410
Whole Foods Market, Inc. (b)		39		1,494
				12,290
HEALTH CARE SERVICES — 0.5%
AmerisourceBergen Corp.		29		1,435
Laboratory Corp. of America Hldgs. (a)		34		2,661
Quest Diagnostics, Inc. (b)		63		3,253
				7,349
HOTELS & MOTELS — 0.7%
Hilton Hotels Corp.		99		3,314
Marriott International, Inc. — Class A		101		4,367
Starwood Hotels & Resorts Worldwide, Inc. (a)		62		4,158
				11,839
INDUSTRIAL GOODS — 0.8%
American Standard Companies, Inc.		59		3,480
Fastenal Co. (b)		68		2,846
Illinois Tool Works, Inc.		125		6,774
				13,100
INSURANCE — 3.1%
Aetna, Inc.		135		6,669
AFLAC, Inc.		126		6,476
CIGNA Corp.		74		3,864
Coventry Health Care, Inc. (a)		50		2,883
Health Net, Inc. (a)		37		1,954
Humana, Inc. (a)		52		3,167
Principal Fianncial Group, Inc.		76		4,430
Prudential Financial, Inc.		59		5,737
The Progressive Corp.		179		4,283
WellPoint, Inc. (a)		144		11,496
				50,959
INTERNET INFORMATION PROVIDERS — 2.4%
Google, Inc. — Class A (a)		57		29,833
Yahoo!, Inc. (a)		309		8,383
				38,216

59

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
IRON & STEEL — 0.4%
Allegheny Technologies, Inc.		25	$	2,622
Nucor Corp.		79		4,633
				7,255
MACHINERY — 0.3%
Deere & Co.		41		4,950
MANUFACTURING — 0.7%
Cummins, Inc.		30		3,036
Ford Motor Co. (b)		370		3,485
PACCAR Inc.		62		5,397
				11,918
MEDICAL - BIOMEDICAL/GENETIC — 1.0%
Amgen, Inc. (a)		292		16,145
MEDICAL EQUIPMENT & SUPPLIES — 3.9%
Baxter International, Inc.		184		10,367
Becton, Dickinson & Co.		66		4,917
Biomet, Inc.		73		3,338
C.R. Bard, Inc.		35		2,892
DENTSPLY International, Inc.		200		7,652
Medtronic, Inc.		285		14,779
St. Jude Medical, Inc. (a)		100		4,149
Stryker Corp.		75		4,732
Thermo Fisher Scientific, Inc. (a)		111		5,741
Zimmer Holdings, Inc. (a)		63		5,348
				63,915
MULTIMEDIA — 0.8%
Time Warner, Inc.		612		12,876
OFFICE EQUIPMENT & SERVICES — 0.1%
Xerox Corp. (a)		102		1,885
OIL & GAS EXPLORATION, PRODUCTION & SERVICES — 1.7%
ENSCO International Inc.		39		2,379
EOG Resources, Inc.		64		4,676
Foster Wheeler, Ltd. (a)		20		2,140
GlobalSantaFe Corp. (b)		61		4,407
Transocean, Inc. (a)		75		7,949
XTO Energy, Inc. (b)		90		5,409
				26,960
OIL & GAS OPERATIONS — 1.5%
Chesapeake Energy Corp. (b)		75		2,595
Noble Corp.		36		3,511
Pride International, Inc. (a)(b)		44		1,648
Questar Corp.		76		4,017
Southwestern Energy Co. (a)		53		2,359
Sunoco, Inc.		37		2,948

60

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
The Williams Companies, Inc.		170	$	5,375
Ultra Petroleum Corp. (a)		43		2,375
				24,828
OIL WELL SERVICES & EQUIPMENT — 1.5%
Baker Hughes, Inc.		75		6,310
Cameron International Corp. (a)		32		2,287
Diamond Offshore Drilling, Inc.		19		1,930
Nabors Industries Ltd. (a)(b)		52		1,736
National-Oilwell Varco, Inc. (a)		47		4,899
Smith International, Inc.		50		2,932
Weatherford International, Inc. (a)		89		4,916
				25,010
PHARMACEUTICALS — 9.1%
Abbott Laboratories		196		10,496
Allergan, Inc.		80		4,611
Amylin Pharmaceuticals, Inc. (a)(b)		48		1,976
Biogen Idec, Inc. (a)(b)		86		4,601
Cardinal Health, Inc.		92		6,499
Celgene Corp. (a)		97		5,561
Express Scripts Inc. — Class A (a)		66		3,301
Forest Laboratories, Inc. (a)		86		3,926
Genentech, Inc. (a)		112		8,474
Genzyme Corp. (a)		58		3,735
Gilead Sciences, Inc. (a)		236		9,150
Johnson & Johnson		679		41,840
McKesson Corp.		82		4,890
Millennium Pharmaceuticals, Inc. (a)		167		1,765
Schering-Plough Corp.		377		11,476
UnitedHealth Group, Inc.		327		16,723
Wyeth		118		6,766
				145,790
PRINTING & PUBLISHING — 0.5%
Dun & Bradstreet Corp.		22		2,266
McGraw-Hill Companies, Inc.		96		6,535
				8,801
RAILROADS — 0.5%
CSX Corp.		116		5,229
Norfolk Southern Corp.		60		3,154
				8,383
REAL ESTATE INVESTMENT TRUST — 0.3%
General Growth Properties, Inc.		66		3,495
Public Storage, Inc.		27		2,074
				5,569

61

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
REAL ESTATE OPERATIONS — 0.5%
CB Richard Ellis Group, Inc. (a)		65	$	2,373
ProLogis		65		3,698
Simon Property Group, Inc.		25		2,326
				8,397
RECREATIONAL PRODUCTS — 0.3%
Harley-Davidson, Inc.		78		4,650
RESTAURANTS — 1.1%
McDonald’s Corp.		111		5,634
Starbucks Corp. (a)		197		5,169
Yum! Brands, Inc.		217		7,101
				17,904
RETAIL — 8.4%
American Eagle Outfitters, Inc.		75		1,925
AutoZone, Inc. (a)		15		2,049
Bed Bath & Beyond, Inc. (a)		98		3,527
Best Buy Co., Inc.		116		5,414
CDW Corp.		18		1,529
Costco Wholesale Corp.		137		8,017
CVS Caremark Corp.		379		13,815
J.C. Penny Company, Inc.		64		4,632
Kohl’s Corp. (a)		85		6,038
Limited Brands, Inc.		71		1,949
Macy’s, Inc.		106		4,217
Medco Health Solutions, Inc. (a)		73		5,693
Nordstrom, Inc.		67		3,425
Office Depot, Inc. (a)		120		3,636
Sears Holding Corp. (a)		27		4,577
Staples, Inc.		229		5,434
Target Corp.		212		13,483
TJX Companies, Inc.		163		4,483
Walgreen Co.		246		10,711
Wal-Mart Stores, Inc.		618		29,731
				134,285
RETAIL - BUILDING PRODUCTS — 2.0%
Home Depot, Inc.		521		20,501
Lowe’s Companies, Inc.		377		11,570
				32,071
SCHOOLS & EDUCATIONAL SERVICES — 0.2%
Apollo Group, Inc. (a)		52		3,038
SCIENTIFIC & TECHNICAL INSTRUMENTS — 0.1%
Applera Corp. - Applied Biosystems Group		38		1,161
SEMICONDUCTORS — 5.5%
Advanced Micro Devices, Inc. (a)(b)		162		2,317
Altera Corp.		95		2,102
Analog Devices, Inc.		85		3,199

62

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
Applied Materials, Inc.		330	$	6,557
Broadcom Corp. — Class A (a)		132		3,861
Intel Corp.		1,397		33,193
KLA-Tencor Corp.		51		2,802
Lam Research Corp. (a)		55		2,827
Marvell Technology Group, Ltd. (a)		138		2,513
Maxim Integrated Products, Inc.		94		3,141
MEMC Electronic Materials, Inc. (a)		47		2,873
National Semiconductor Corp.		161		4,551
NVIDIA Corp. (a)		93		3,842
Texas Instruments, Inc.		356		13,396
Xilinx, Inc.		88		2,356
				89,530
SOFTWARE & COMPUTER SERVICES — 6.9%
Adobe Systems, Inc. (a)		152		6,103
Autodesk, Inc. (a)		72		3,390
CA, Inc.		124		3,203
Citrix Systems, Inc. (a)		75		2,525
Cognizant Technology Solutions Corp. (a)		38		2,853
Electronic Arts, Inc. (a)		87		4,117
Intuit, Inc. (a)		107		3,219
McAfee, Inc. (a)		61		2,147
Microsoft Corp.		2,188		64,480
Oracle Corp. (a)		1,041		20,518
				112,555
SOFTWARE & SERVICES — 1.4%
Akamai Technologies, Inc. (a)		52		2,529
Bea Systems, Inc. (a)		155		2,122
BMC Software, Inc. (a)		62		1,879
Fiserv, Inc. (a)		50		2,840
IMS Health, Inc.		161		5,173
Symantec Corp. (a)		242		4,888
VeriSign, Inc. (a)		115		3,649
				23,080
TELECOMMUNICATIONS — 3.0%
Corning, Inc. (a)		353		9,019
Juniper Networks, Inc. (a)		152		3,826
Level 3 Communications, Inc. (a)(b)		304		1,778
Motorola, Inc.		589		10,425
NII Holdings, Inc. — Class B (a)		42		3,391
Qualcomm, Inc.		414		17,964
Virgin Media Inc.		69		1,682
				48,085

63

MMA Praxis Growth Index Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 97.9%, continued
TRANSPORTATION SERVICES — 1.6%
C.H. Robinson Worldwide, Inc.		51	$	2,679
Expeditors International of Washington, Inc.		60		2,478
Fedex Corp.		73		8,101
United Parcel Service, Inc. — Class B		165		12,044
				25,302
TOTAL COMMON STOCKS				1,587,903
SHORT TERM INVESTMENTS — 2.0%
Northern Institutional Government Select Portfolio		31,863		31,863
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING — 3.8%
Northern Institutional Liquid Asset Portfolio		62,073		62,073
TOTAL INVESTMENTS (Cost $1,670,626) — 103.7%				1,681,839
Liabilities in excess of other assets — (3.7%)				(60,224	)
NET ASSETS — 100.0%			$	1,621,615

(a)	Non-income producing securities.
(b)	All or part of this security was on loan, as of June 30, 2007.

See notes to financial statements.

64

MMA Praxis Growth Index Fund

Statement of assets and liabilities

June 30, 2007 (Unaudited)

ASSETS:
Investments, at value* (cost $1,608,553)	$	1,619,766
Investments held as collateral for securities loaned, at value (Cost $62,073)		62,073
Total Investments		1,681,839
Interest and dividends receivable		727
Receivable for capital shares sold		10,901
Receivable for investments sold		2,900
Prepaid expenses		16,257
Total Assets		1,712,624
LIABILITIES:
Payable for investments purchased		28,369
Payable for securities loaned		62,073
Accrued expenses and other payables:
Affiliates		435
Distribution fees		132
Total Liabilities		91,009
NET ASSETS:
Capital		1,607,847
Accumulated net investment loss		(140	)
Accumulated net realized gain on investments		2,695
Net unrealized appreciation on investments		11,213
Net Assets	$	1,621,615
Net Assets
Class A	$	464,757
Class B		133,625
Class I		1,023,233
Total	$	1,621,615
Shares Outstanding (unlimited number of shares authorized with $.01 par value)
Class A		45,707
Class B		13,162
Class I		100,644
Total		159,513
Net asset value
Class A — Redemption Price Per Share(A)	$	10.17
Class A — Maximum Sales Charge		5.25%
Class A — Maximum Offering Price Per Share [(100%/(100%-Maximum Sales Charge) of net asset value adjusted to the nearest cent]	$	10.73
Class B — offering price per share**(A)	$	10.15
Class I — offering price per share**(A)	$	10.17

*	Includes securities on loan, $55,767.
**	Redemption price per share varies by length of time shares are held.
(A)	Net proceeds upon redemption may include a redemption fee.

See notes to financial statements.

65

Statement of assets and liabilities   

MMA Praxis Growth Index Fund

Statement of operations

For the six months ended June 30, 2007 (a) (Unaudited)

INVESTMENT INCOME:
Dividends	$	2,057
Interest		963
Total Investment Income		3,020
EXPENSES:
Investment advisory fees		659
Distribution fees — Class A		102
Distribution fees — Class B		74
Shareholder servicing fees — Class A		102
Shareholder servicing fees — Class B		25
Administration fees		307
Legal fees and expenses		1,179
Trustees’ fee and expenses		168
Custodian fees		202
Other expenses		1,995
Total expenses before reductions/reimbursements		4,813
Expenses reimbursed by Investment Adviser		(1,531	)
Expenses reduced by Distributor		(122	)
Net Expenses		3,160
Net Investment Income		(140	)
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on security transactions		2,695
Change in unrealized appreciation/depreciation of investments during the period		11,213
Net realized and unrealized gain on investments		13,908
Net increase in net assets resulting from operations	$	13,768

(a) Represents the period of commencement of operations (May 1, 2007) through June 30, 2007.

See notes to financial statements.

66

Statement of operations   

MMA Praxis Growth Index Fund

Statements of changes in net assets

	Six Months
	Ended
	June 30, 2007 (a)
	(Unaudited)
From Investment Activities:
Net investment income	$	(140	)
Net realized gain on investments and futures contracts		2,695
Change in unrealized appreciation/depreciation of investments during the period		11,213
Net increase in net assets resulting from operations		13,768
Change in net assets from capital transactions		1,607,847
Change in net assets		1,621,615
Net Assets:
Beginning of period		—
End of period	$	1,621,615
Distributions in excess of net investment income	$	(140	)

(a) Represents the period of commencement of operations (May 1, 2007) through June 30, 2007.

See notes to financial statements.

67

Statements of changes in net assets   

MMA Praxis Growth Index Fund

Financial highlights

For a share outstanding throughout the period indicated.

	Class A Shares
	Period Ended
	June 30, 2007 (a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Investment Activities:
Net investment loss		(—	) (b)
Net realized and unrealized gains from investments		0.16
Total from Investment Activities		0.16
Paid-in capital from redemption fees		0.01
Net Asset Value, End of Period	$	10.17
Total Return (excludes sales charge)		1.70%	(c)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	465
Ratio of expenses to average net assets		1.54%	(d)
Ratio of net investment loss to average net assets		(0.41%	)(d)
Ratio of expenses to average net assets*		2.46%	(d)
Portfolio Turnover (e)		69.20%

*	During the period certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2007 (commencement of operations) through June 30, 2007.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

68

Financial highlights   

MMA Praxis Growth Index Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class B Shares
	Period Ended
	June 30, 2007 (a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Investment Activities:
Net investment loss		(0.01	)
Net realized and unrealized gains from investments		0.16
Total from Investment Activities		0.15
Paid-in capital from redemption fees		—	(b)
Net Asset Value, End of Period	$	10.15
Total Return (excludes redemption charge)		1.50%	(c)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	134
Ratio of expenses to average net assets		2.08%	(d)
Ratio of net investment loss to average net assets		(1.00%	)(d)
Ratio of expenses to average net assets*		2.93%	(d)
Portfolio Turnover (e)		69.20%

*	During the period certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2007 (commencement of operations) through June 30, 2007.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

69

MMA Praxis Growth Index Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class I Shares
	Period Ended
	June 30, 2007 (a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Investment Activities:
Net investment income		—	(b)
Net realized and unrealized gains from investments		0.17
Total from Investment Activities		0.17
Net Asset Value, End of Period	$	10.17
Total Return (excludes redemption charge)		1.70%	(c)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	1,023
Ratio of expenses to average net assets		1.34%	(d)
Ratio of net investment income to average net assets		0.08%	(d)
Ratio of expenses to average net assets*		2.03%	(d)
Portfolio Turnover (e)		69.20%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2007 (commencement of operations) through June 30, 2007.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

70

MMA Praxis International Fund

Semi-annual report to shareholders

Portfolio manager’s letter

Global equity markets continued their strong run into 2007, with non-U.S. developed and emerging markets leading their domestic counterparts, growth besting value, and smaller caps generally topping larger caps.

Key and significant contributors to performance

On a relative basis, the major positive contributions came from the United Kingdom, Emerging Markets, specifically Latin America, the Middle East, Eastern Europe, and Canada. A strong theme for the period was companies that were related to mining, exploration, and refinement of commodities. The United Kingdom’s BHP Billiton and Rio Tinto, who are both involved in exploring, extracting, and processing minerals and metal resources, continued to strengthen sentiment of strong commodity prices on rumors of consolidation in the sector. This was also the case for the strongest contributor of our Emerging Market holdings Brazilian-based, Companhia Vale do Rio Doce, again a top 10 performer for the 6-month period. The company is the second largest mining operation in the world and the largest logistics operator in Brazil. Strength in commodity prices also benefited oil giants Royal Dutch Shell, BP, and Satoil, on the back of continued global oil price gains. In Emerging Markets, the portfolio’s second strongest contributor to return in terms of total effect came from Singapore’s Keppel Corp. Keppel is a world leader in the construction of off-shore oil and gas drilling rigs, for which demand is strong, and it also has interests in real estate construction and developments in Singapore, another strong contributor. Finally, Keppel has an added catalyst in the potential for development of more infrastructure projects, i.e. power, water, and waste water. For 2008, 58 percent of net profits are expected to come from oil rigs, 23 percent from property, 5 percent from infrastructure, and 13 percent from other investments. In Canada, the strongest contributor came from Yellow Pages Income Fund and BCE.

Among the notable individual stock contributors was France’s Michelin, the world’s largest tire manufacturer. Michelin benefited from its recent cost cutting programs and from an exceptionally supportive sales environment, especially in its heavy industrial tire manufacturing division. Other contributors in France included, Schneider Electric and materials mega group Compagnie de Saint-Gobain. ABN Amro, the Dutch bank, rose sharply early in the six-month period on takeover interest from Barclays. Nintendo continued to perform strongly based on the performance of its Wii gaming console and DS2 portable gaming device. The success of the Nintendo Wii has been due to the company’s strategy of disrupting the gaming market through the introduction of an innovative product that broadens the industry’s audience by bringing in non-traditional gamers.

On a sector basis, Consumer Discretionary, Health Care, Energy, and Information Technology were the highest contributors respectively for the six-month period.

Key and significant detractors from performance

Europe was the weakest region due largely to stock selections in Germany, Sweden, and Switzerland. In total effect terms, detractors in Europe included Finland’s Nokia, the world’s largest manufacturer of cell phones, and Germany’s real estate investment firm PATRIZIA Immobilien. In the case of Nokia, our underweight detracted from results as it was a strong performer for the six-month period. In Sweden and Switzerland, our underweight of what was largely a positive six-month period, detracted from results. In Japan, our underweight and stock selection in what was a stronger than expected region for the first half of 2007, hindered Fund performance. Japanese detractors included Financials, Orix Corp., and Bank of Yokohama; Chemical companies, Tokuyama Corp. and Hitachi; Pharmaceutical, Eisai Co.; Electronics, Sony; and Utilities giant, Tokyo Gas. Tokuyama Corp., a manufacturer of polysilicon, a necessary ingredient in solar panels that will continue to be in short supply, has been affected by higher input costs. Meanwhile, investors reacted negatively to conservative earnings guidance from the company. Tokyo Gas weakened when it predicted a 30 percent drop in operating profit for 2008.

On a sector basis, Materials, Utilities, Industrials, and Financials were the largest detractors for the period.

71

MMA Praxis International Fund   

Strategy and outlook

The outlook for international equity markets, in our opinion, should continue to be highly influenced by events in the United States, where liquidity is being reduced. Although the sub-prime mortgage problems have been well chronicled, many other systemic problems are just starting to come into focus as liquidity flows slow. Currently, we have structured the portfolio to be consistent with this view. Systemic risks in the United States include the unknown risks from using mathematical models to price securities being actively traded, as well as the assumption that liquidity conditions will not change. In addition, there is the risk of “contagion.” In difficult markets, when poor quality holdings cannot be easily sold to meet redemptions, high quality positions may have to be sold instead. Thus, contagion can easily spread from the poorer to higher quality issues.

There are many types of investment pools that have been formed in recent years that are not transparent, that rely heavily on leveraged or borrowed funds, and that are not held to the same standards as other parts of the asset management industry. As we look ahead, we think aversion to risk may grow and markets may become more volatile. Energy costs are higher than had been expected at the beginning of 2007 and interest rates are increasing in many parts of the world. Earnings are still good, but the rate of improvement is decelerating. The U.S. consumer is getting squeezed and higher taxes may be just around the corner.

Finally, equity markets have already had quite a run over the last few years, especially in emerging markets and in the small cap sector. Given these warning signals, we believe the Fund is positioned prudently as an international equity alternative that is respectful of the risks in the market. It is structured for investors who want to diversify, but with lower risk levels. We believe it offers the potential for attractive relative returns.

Gilman C. Gunn, III

MMA Praxis International Fund Manager

72

MMA Praxis International Fund

Performance review

Average annual total returns as of 6/30/07

	Inception
	Date		1 Year		3 Year		5 Year		10 Year
Class A		5/12/99		22.19%		18.98%		12.70%		5.39%
Class A*		5/12/99		15.75%		16.87%		11.49%		4.82%
Class B		4/1/97		21.36%		18.21%		11.97%		4.94%
Class B**		4/1/97		17.36%		17.49%		11.84%		4.94%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit mmapraxis.com.

*	Reflects maximum front-end sales charge of 5.25%.
**	The Fund imposes a back-end sales charge (load) on Class B Shares if you sell your shares before a certain period of time has elasped. This is called a Contingent Deferred Sales Charge (“CDSC”). The CDSC declines over five years starting with year one and ending in year six as follows: 4%, 4%, 3%, 2%, 1%.

Class A Share of this Fund were not in existence prior to 5/12/99. Class A Share performance calculated for any period prior to 5/12/99 is based on the performance of Class B Share since inception of 4/1/97. The B Share Contingent Deferred Sales Charge (CDSC) does not apply to performance over 5 years; therefore, the 10-year return does not reflect the CDSC.

The total return set forth reflects certain expenses that were voluntarily reduced, reimbursed or paid by third party. In such instances, and without this activity, total return would have been lower.

73

Performance review   

MMA Praxis International Fund

Performance review (continued)

Growth of $10,000 investment 6/30/97 to 6/30/07

Class A - load				Class B - no load					MSCI EAFE - index performance/gross
Date		Balance		Date			Balance		Date		Balance
	6/30/1997		9,479		6/30/1997			10,000		6/30/1997		10,000
	9/30/1997		9,520		9/30/1997			10,043		9/30/1997		9,936
	12/31/1997		8,769		12/31/1997			9,251		12/31/1997		9,164
	3/31/1998		10,205		3/31/1998			10,766		3/31/1998		10,519
	6/30/1998		10,865		6/30/1998			11,462		6/30/1998		10,638
	9/30/1998		9,448		9/30/1998			9,968		9/30/1998		9,133
	12/31/1998		10,871		12/31/1998			11,469		12/31/1998		11,028
	3/31/1999		11,096		3/31/1999			11,706		3/31/1999		11,189
	6/30/1999		11,588		6/30/1999			12,225		6/30/1999		11,481
	9/30/1999		12,245		9/30/1999			12,895		9/30/1999		11,993
	12/31/1999		15,486		12/31/1999			16,286		12/31/1999		14,038
	3/31/2000		15,844		3/31/2000			16,644		3/31/2000		14,031
	6/30/2000		14,423		6/30/2000			15,130		6/30/2000		13,484
	9/30/2000		13,275		9/30/2000			13,909		9/30/2000		12,404
	12/31/2000		12,355		12/31/2000			12,927		12/31/2000		12,079
	3/31/2001		10,619		3/31/2001			11,098		3/31/2001		10,429
	6/30/2001		10,096		6/30/2001			10,529		6/30/2001		10,338
	9/30/2001		8,440		9/30/2001			8,784		9/30/2001		8,896
	12/31/2001		9,214		12/31/2001			9,578		12/31/2001		9,517
	3/31/2002		9,323		3/31/2002			9,692		3/31/2002		9,571
	6/30/2002		8,814		6/30/2002			9,144		6/30/2002		9,385
	9/30/2002		7,067		9/30/2002			7,324		9/30/2002		7,537
	12/31/2002		7,437		12/31/2002			7,688		12/31/2002		8,026
	3/31/2003		6,668		3/31/2003			6,886		3/31/2003		7,373
	6/30/2003		7,805		6/30/2003			8,049		6/30/2003		8,816
	9/30/2003		8,317		9/30/2003			8,561		9/30/2003		9,537
	12/31/2003		9,454		12/31/2003			9,721		12/31/2003		11,169
	3/31/2004		9,846		3/31/2004			10,097		3/31/2004		11,661
	6/30/2004		9,514		6/30/2004			9,742		6/30/2004		11,712
	9/30/2004		9,453		9/30/2004			9,669		9/30/2004		11,685
	12/31/2004		10,876		12/31/2004			11,100		12/31/2004		13,480
	3/31/2005		10,805		3/31/2005			11,006		3/31/2005		13,466
	6/30/2005		10,650		6/30/2005			10,831		6/30/2005		13,365
	9/30/2005		11,596		9/30/2005			11,778		9/30/2005		14,761
	12/31/2005		12,198		12/31/2005			12,377		12/31/2005		15,369
	3/31/2006		13,200		3/31/2006			13,366		3/31/2006		16,825
	6/30/2006		13,115		6/30/2006			13,262		6/30/2006		16,984
	9/30/2006		13,423		9/30/2006	A		13,574		9/30/2006		17,661
	12/31/2006		14,676		12/31/2006	A		14,840		12/31/2006		19,497
	3/31/2007		15,078		3/31/2007	A		15,247		3/31/2007		20,306
	6/30/2007		16,016		6/30/2007	A		16,203		6/30/2007		21,661

For performance purposes, the above graph has not been adjusted for CDSC charges.

This chart represents historical performance of a hypothetical investment of $10,000 in the International Fund from 6/30/97 to 6/30/07, and represents the reinvestment of dividends and capital gains in the Fund.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. These performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance information current to the most recent month end, please visit mmapraxis.com.

The total return set forth reflects certain expenses that were voluntarily reduced, reimbursed or paid by third party. In such instances, and without this activity, total return would have been lower.

* Reflects maximum front-end sales charge of 5.25%.

Class A Share of this Fund were not in existence prior to 5/12/99. Class A Share performance calculated for any period prior to 5/12/99 is based on the performance of Class B Share since inception of 4/1/97.

¹  The MSCI EAFE Index is a widely recognized, unmanaged index composed of a sample of companies representative of the developed markets throughout the world, excluding the United States and Canada.

The above index is for illustrative purposes only and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The fund’s performance reflects the deduction of these value-added services. An investor cannot invest directly in an index, although they can invest in its underlying securities.

74

MMA Praxis International Fund

Schedule of portfolio investments

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 95.5%
ARGENTINA — 0.7%
AGRICULTURE — 0.1%
Cresud S.A. ADR (b)		5,869	$	125,538
BANKS — 0.2%
Banco Macro Bansud S.A. (b)		9,714		319,299
REAL ESTATE — 0.4%
IRSA Inversiones y Representaciones S.A. (a)		41,556		768,786
				1,213,623
AUSTRALIA — 1.0%
AIRPORT DEVELOPMENT — 0.3%
Macquarie Airports		154,134		528,340
FINANCIAL SERVICES — 0.4%
National Australia Bank Ltd.		20,650		718,703
INVESTMENT COMPANIES — 0.3%
Macquarie Infrastructure Group (b)		187,770		573,538
				1,820,581
BELGIUM — 1.4%
CHEMICALS-SPECIALTY — 0.3%
Umicore		2,626		573,259
SPECIAL PURPOSE ENTITY — 1.1%
Compagnie Nationale a Portefeuille (CNP)/National Portefeuille Maatschappij (NPM)		3,900		282,331
Groupe Bruxelles Lamber S.A. (b)		13,588		1,697,511
				1,979,842
				2,553,101
BERMUDA — 0.2%
INSURANCE — 0.2%
Catlin Group Ltd.		46,681		448,721
BRAZIL — 1.0%
MINERALS — 0.9%
Companhia Vale do Rio Doce ADR (b)		36,465		1,624,516
TELECOMMUNICATIONS — 0.1%
Tim Participacoes ADR (b)		5,253		181,071
				1,805,587
CANADA — 1.2%
PUBLISHING — 1.2%
Yellow Pages Income Fund		173,422		2,263,017
FINLAND — 1.2%
FINANCIAL SERVICES — 0.3%
Sampo Oyj		18,600		537,795
MACHINERY & ENGINEERING — 0.4%
KCI Konecranes Oyj (a)		16,000		673,787
TELECOMMUNICATIONS — 0.5%
Nokia Oyj		37,779		1,064,204
				2,275,786

75

Schedule of portfolio investments   

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 95.5%, continued
FRANCE — 14.4%
BANKS — 1.8%
BNP Paribas S.A.		27,607	$	3,302,003
BUILDING & CONSTRUCTION — 2.3%
Bouygues S.A.		14,935		1,257,269
Compagnie de Saint-Gobain		18,513		2,089,243
Imerys S.A. (b)		7,979		811,239
				4,157,751
CHEMICALS — 0.0%
Rhodia Inc.		10,161		38,374
ELECTRIC SERVICES — 1.4%
Schneider Electric S.A.		18,592		2,620,623
FOOD DIVERSIFIED — 0.9%
Sodexho Alliance S.A.		23,808		1,712,887
FOOD RETAIL — 1.5%
Carrefour S.A. (b)		39,006		2,752,992
GAS DISTRIBUTION — 0.5%
Gaz de France (b)		18,591		943,454
INSURANCE — 1.8%
Axa		31,812		1,378,412
CNP Assurances (b)		14,674		1,886,019
				3,264,431
MEDIA — 1.5%
Vivendi Universal S.A.		65,880		2,845,659
OFFICE AUTOMATION & EQUIPMENT — 1.1%
Neopost S.A. (b)		14,112		2,072,816
TELECOMMUNICATIONS — 0.7%
France Telecom S.A.		44,492		1,228,612
TIRE & RUBBER — 0.9%
Michelin (b)		12,399		1,742,993
				26,682,595
GERMANY — 8.5%
APPAREL MANUFACTURERS — 0.5%
Adidas-Salomon AG (b)		14,477		924,960
BANKS — 1.1%
Deutsche Bank AG		14,635		2,123,685
BUILDING & CONSTRUCTION — 0.7%
Bilfinger Berger AG		15,300		1,360,069
CHEMICALS — 0.6%
BASF AG		7,887		1,033,984
ELECTRIC - INTEGRATED — 1.4%
RWE AG (b)		23,818		2,531,237
INSURANCE — 0.7%
Allianz AG		5,899		1,378,230

76

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 95.5%, continued
MACHINERY/PRINT TRADE — 0.4%
Heidelberger Druckmaschin (b)		14,404	$	696,656
PHARMACEUTICALS — 1.6%
Fresenius AG		36,330		2,769,687
REAL ESTATE — 0.4%
Patrizia Immobilien AG (a)(b)		44,241		785,708
SOFTWARE — 1.1%
SAP AG		40,514		2,076,291
				15,680,507
GREECE — 1.5%
BANKS — 1.2%
Alpha Credit Bank A.E		21,000		662,335
Greek Postal Savings Bank S.A. (a)		43,738		1,024,254
National Bank of Greece SA		7,745		444,518
				2,131,107
FINANCIAL SERVICES — 0.3%
Hellenic Exchanges S.A.		23,049		605,280
				2,736,387
HONG KONG — 2.9%
DIVERSIFIED FINANCIAL SERVICES — 0.6%
Guoco Group Ltd.		79,000		1,108,308
REAL ESTATE INVESTMENT/MANAGEMENT — 0.3%
Hysan Development Company Ltd. (b)		230,000		611,812
REAL ESTATE OPERATORS/DEVELOPERS — 0.3%
Chinese Estates Holdings Ltd.		348,000		547,408
TELECOMMUNICATIONS — 1.2%
China Unicom Ltd.		1,238,000		2,131,042
TELEVISION — 0.5%
Television Broadcasts Ltd.		131,000		921,426
				5,319,996
IRELAND — 1.0%
BANKS — 0.5%
Anglo Irish Bank Corp. plc (b)		50,171		1,025,492
BUILDING PRODUCTS — 0.5%
CRH plc		17,862		885,181
				1,910,673
ISRAEL — 0.7%
PHARMACEUTICALS — 0.7%
Teva Pharmaceutical Industries Ltd. (b)		32,980		1,360,425
ITALY — 2.9%
BANKS — 1.2%
Intesa SanPaolo		55,626		390,794
UniCredito Italiano S.p.A		198,925		1,785,276
				2,176,070

77

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 95.5%, continued
FINANCIAL SERVICES — 1.3%
IFI-Istituto Finanziario Industriale S.p.A. (a)		25,356	$	1,023,507
IFIL — Investments S.p.A.		133,274		1,441,434
				2,464,941
RETAIL — 0.4%
Geox S.p.A		37,802		700,009
				5,341,020
JAPAN — 15.4%
AUTOMOTIVE — 1.8%
Toyota Motor Corp.		54,600		3,458,362
BANKS — 1.4%
Bank of Yokohama Ltd.		163,000		1,143,628
Chiba Bank		66,000		586,333
Mitsubishi Tokyo Financial Group, Inc.		35		386,536
Sumitomo Trust & Banking Co.		41,000		391,205
				2,507,702
BUILDING & CONSTRUCTION — 0.3%
Okumura Corp. (b)		91,000		466,288
CHEMICALS — 0.8%
Hitachi Chemical Co. Ltd. (b)		17,700		401,015
Tokuyama Corp. (b)		79,000		1,030,281
				1,431,296
COSMETICS & TOILETRIES — 0.3%
Shiseido Company Ltd.		29,000		619,351
ELECTRONIC & ELECTRICAL - GENERAL — 4.5%
CANON, Inc.		65,000		3,816,232
Fanuc Ltd.		4,900		506,135
Keyence Corp.		2,800		612,319
Sony Corp.		35,100		1,804,239
Square Enix Co. Ltd. (b)		26,300		664,201
THK CO. Ltd		41,500		1,041,333
				8,444,459
ENTERTAINMENT SYSTEMS — 1.7%
Nintendo Co. Ltd.		8,400		3,076,373
FINANCIAL SERVICES — 1.6%
Orix Corp.		11,530		3,038,276
GAS DISTRIBUTION — 0.6%
Tokyo Gas Co. Ltd.		238,000		1,128,686
INSURANCE — 0.8%
Mitsui Sumitomo Insurance Co.		86,000		1,104,812
Sompo Japan Insurance, Inc.		32,000		392,123
				1,496,935
MOTION PICTURES & SERVICES — 0.2%
Toho Co. Ltd. (b)		20,100		363,986

78

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 95.5%, continued
PHARMACEUTICALS — 0.6%
Eisai Co. Ltd.		26,400	$	1,153,372
RETAIL — 0.4%
Yamada Denki Co. Ltd.		6,700		700,767
TEXTILES — 0.4%
Toray Industries, Inc. (b)		99,000		732,381
				28,618,234
MEXICO — 0.4%
BUILDING PRODUCTS — 0.4%
Cemex S.A. ADR (b)		21,160		780,801
NETHERLANDS — 4.6%
CHEMICALS — 0.7%
Akzo Nobel N.V.		15,268		1,321,883
ELECTRONIC & ELECTRICAL - GENERAL — 0.9%
Philips Electronics N.V.		40,268		1,720,282
FINANCIAL SERVICES — 1.2%
ING Groep N.V.		51,001		2,263,720
FOOD DIVERSIFIED — 1.3%
Unilever NV		79,336		2,476,464
TELECOMMUNICATIONS — 0.5%
Koninklijke (Royal) KPN N.V.		50,163		836,559
				8,618,908
NORWAY — 3.0%
OIL COMP-INTEGRATED — 2.2%
Statoil ASA (b)		130,400		4,057,725
TELECOM SERVICES — 0.8%
Telenor ASA		78,200		1,534,958
				5,592,683
RUSSIA — 0.8%
STEEL — 0.4%
Evraz Group GDR		21,121		868,073
TELECOMMUNICATIONS — 0.4%
AFK Sistema (b)		23,372		663,765
				1,531,838
SINGAPORE — 1.6%
DIVERSIFIED OPERATIONS — 1.2%
Keppel Corp., Ltd.		277,000		2,261,594
FINANCIAL SERVICES — 0.4%
DBS Group Holdings Ltd.		48,000		714,827
				2,976,421
SOUTH KOREA — 0.7%
AUTOMOTIVE — 0.2%
Hyundai Motor Co. Ltd. GDR (b)		14,605		332,994

79

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 95.5%, continued
FOOD PRODUCTS — 0.3%
Lotte Confectionary Co. Ltd. (a)		350	$	466,288
TELECOMMUNICATIONS — 0.2%
KT Corp. (a)		9,650		451,535
				1,250,817
SPAIN — 4.0%
APPAREL — 0.5%
Industria de Diseno Textil, S.A. (a)		16,287		964,984
BANKS — 0.7%
Banco Santander Central Hispano S.A.		72,372		1,341,147
UTILITIES - TELECOMMUNICATIONS — 2.8%
Telefonica S.A.		226,234		5,065,192
				7,371,323
SWEDEN — 1.2%
METALS — 0.3%
Assa Abloy AB (a)		28,800		637,969
WIRELESS COMMUNICATIONS — 0.9%
Telefonaktiebolaget LM Ericsson		382,000		1,533,765
				2,171,734
SWITZERLAND — 8.8%
CHEMICALS — 0.9%
Lonza Group AG		17,428		1,606,543
FINANCIAL SERVICES — 0.9%
Credit Suisse Group		5,331		381,222
UBS AG		20,380		1,227,972
				1,609,194
FOOD PRODUCTS — 3.2%
Lindt & Spruengli AG		518		1,411,725
Nestle S.A.		11,868		4,527,621
				5,939,346
INSURANCE — 0.7%
Swiss Re		14,913		1,366,160
INVESTMENT COMPANIES — 0.5%
Pargesa Holding AG		8,963		1,003,797
PHARMACEUTICALS — 2.6%
Novartis AG		31,540		1,781,629
Roche Holding AG		17,314		3,081,510
				4,863,139
				16,388,179
TAIWAN — 1.0%
SEMICONDUCTORS — 0.5%
United Microelectronics Corp. ADR		1,603,000		968,926

80

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 95.5%, continued
TELECOMMUNICATIONS — 0.5%
Chunghwa Telecom Co. Ltd.		454,660	$	868,063
				1,836,989
UNITED KINGDOM — 15.4%
BANKS — 2.4%
HBOS plc		33,059		653,812
HSBC Holdings plc (b)		62,000		1,129,882
Lloyds TSB Group plc		143,326		1,601,464
Royal Bank of Scotland Group plc		79,304		1,008,716
				4,393,874
CONTAINERS — 0.3%
Rexam plc		62,428		625,157
ELECTRIC SERVICES — 0.2%
Centrais Electricas Brasileiras S.A. (a)		1,500,000		44,314
National Grid plc		25,669		380,358
				424,672
INSURANCE — 0.6%
Amlin plc		67,123		378,371
Aviva plc		24,735		369,001
Prudential plc		31,017		444,657
				1,192,029
MEDICAL PRODUCTS — 0.7%
Smith & Nephew plc		108,642		1,344,801
MINERALS — 3.1%
BHP Billiton plc		100,210		2,798,757
Rio Tinto plc		38,212		2,936,198
				5,734,955
OIL COMP-INTEGRATED — 6.0%
BG Group plc		61,496		1,014,335
BP plc		489,135		5,922,065
Royal Dutch Shell plc - Class A		99,117		4,047,866
				10,984,266
PHARMACEUTICALS — 0.5%
GlaxoSmithKline plc		37,470		981,796
TELECOMMUNICATIONS — 1.3%
Vodafone Group plc		727,379		2,450,641
UTILITIES-WATER - 0.3%
United Utilities plc (b)		32,741		466,085
				28,598,276
TOTAL COMMON STOCKS				177,148,222

81

MMA Praxis International Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES OR
	PRINCIPAL
	AMOUNT		VALUE
PREFERRED STOCK — 0.4%
GERMANY — 0.4%
AUTOMOTIVE — 0.4%
Porsche AG (a)		404	$	723,487
RIGHTS — 0.0%
BELGIUM — 0.0%
HOLDING COMPANY — 0.0%
Groupe Bruxelles Lambert S.A.		13,588		12,691
CORPORATE NOTES — 1.1%
COMMUNITY DEVELOPMENT — 1.1%
DOMESTIC — 1.1%
MMA Community Development Investment, Inc., 2.98%, 12/31/09, (c)+		795,000		795,000
MMA Community Development Investment, Inc., 4.47%, 12/31/09, (c)+		1,180,00		1,180,000
TOTAL CORPORATE NOTES				1,975,000
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING — 12.7%
Banco Santander Central Hispano S.A.		278,515		278,515
Northern Institutional Liquid Asset Portfolio		22,348,605		22,348,605
U.S. Treasury Inflation Indexed Bonds 2.00%, 1/15/26		286,112		272,506
U.S. Treasury Inflation Indexed Note 3.50%, 1/15/11		33,211		41,190
U.S. Treasury Inflation Indexed Note, 2.375%, 1/15/25		70,856		75,519
US Treasury Bonds, 5.25%, 2/15/29		484,490		497,368
TOTAL SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING				23,513,703
TOTAL INVESTMENTS (Cost $158,266,797) — 109.7%				203,373,103
Liabilities in excess of other assets — (9.7%)				(17,952,990	)
NET ASSETS — 100.0%			$	185,420,113

(a)	Non-income producing securities.
(b)	All or part of this security was on loan, as of June 30, 2007.
(c)	Represents affiliated restricted security as to resale to investors and is not registered under the Securities Act of 1933. These securities have been deemed illiquid under guidelines established by the Board of Trustees. Acquisition date and current cost: MMA Community Development Investment, Inc., 2.98% - 12/01, $795,000 and MMA Community Development Investment, Inc., 4.47% - 12/01, $1,180,000. At June 30, 2007 these securities had an aggregate market value of $1,975,000, representing 1.1% of net assets.
+	Variable rate security. Rates presented are the rates in effect at June 30, 2007. Date presented reflects next rate change date.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

plc — Public Liability Company

See notes to financial statements.

82

MMA Praxis International Fund

Statement of assets and liabilities

June 30, 2007 (Unaudited)

ASSETS:
Investments, at value* (cost $132,778,094)	$	177,884,400
Investments in affiliates, at value (cost $1,975,000)		1,975,000
Investments held as collateral for securities loaned, at value (cost $23,513,703)		23,513,703
Total Investments		203,373,103
Cash		4,319,653
Foreign currency, at value (cost $157,876)		157,837
Currency contracts receivable		588,022
Interest and dividends receivable		265,926
Receivable for capital shares sold		17,467
Receivable for investments sold		2,770,259
Tax reclaim receivable		329,572
Prepaid expenses		23,468
Total Assets		211,845,307
LIABILITIES:
Distributions payable to shareholders		325,294
Payable for capital shares redeemed		1,769,275
Payable for currency contracts		588,038
Payable for securities loaned		23,513,703
Unrealized depreciation on foreign currency exchange contracts		4,010
Accrued expenses and other payables:
Investment advisory fees		137,497
Affiliates		19,166
Distribution fees		24,398
Trustees fees		5,121
Other		38,692
Total Liabilities		26,425,194
NET ASSETS:
Capital		140,150,771
Distribution in excess of net investment income		(1,499,691	)
Accumulated net realized gain on investments and foreign currency transactions		1,662,727
Net unrealized appreciation on investments and foreign currency translations		45,106,306
Net Assets	$	185,420,113
Net Assets
Class A	$	49,611,796
Class B		24,216,868
Class I		111,591,449
Total	$	185,420,113
Shares Outstanding (unlimited number of shares authorized with $.01 par value)
Class A		3,225,205
Class B		1,601,872
Class I		7,271,153
Total		12,098,230
Net asset value
Class A — Redemption Price Per Share(A)	$	15.38
Class A — Maximum Sales Charge		5.25%
Class A — Maximum Offering Price Per Share [(100%/(100%-Maximum Sales Charge) of net asset value adjusted to the nearest cent]	$	16.23
Class B — offering price per share**(A)	$	15.12
Class I — offering price per share**(A)	$	15.35

*	Includes securities on loan of $22,918,490.
**	Redemption price per share varies by length of time shares are held.
(A)	Net proceeds upon redemption may include a redemption fee.

See notes to financial statements.

83

Statement of assets and liabilities   

MMA Praxis International Fund

Statement of operations

For the six months ended June 30, 2007 (Unaudited)

INVESTMENT INCOME:
Dividends	$	3,609,080
Foreign tax withholding		(461,630	)
Interest		(505	)
Income from securities lending		25,562
Interest from affiliates		17,217
Total Investment Income		3,189,724
EXPENSES:
Investment advisory fees		782,431
Administration fees		121,693
Distribution fees — Class A		58,721
Distribution fees — Class B		89,378
Shareholder servicing fees — Class A		58,721
Shareholder servicing fees — Class B		29,793
Reimbursement of Fund expenses paid by Adviser		87,496
Custodian fees		4,578
Legal fees and expenses		41,753
Trustees’ fee and expenses		18,909
Other expenses		103,362
Total expenses before reductions/reimbursements		1,396,835
Expenses reduced by Distributor		(70,638	)
Net Expenses		1,326,197
Net Investment Income		1,863,527
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments and foreign currency transactions		9,588,435
Change in unrealized appreciation/depreciation of investments and foreign currency translations during the period		4,029,882
Net realized and unrealized gain on investments and foreign currency transactions		13,618,317
Net increase in net assets resulting from operations	$	15,481,844

See notes to financial statements.

84

Statement of operations   

MMA Praxis International Fund

Statements of changes in net assets

	Six Months
	Ended			Year Ended
	June 30, 2007			December 31,
	(Unaudited)			2006
From Investment Activities:
Net investment income	$	1,863,527		$	1,407,169
Net realized gain on investments and foreign currency transactions		9,588,435			14,968,084
Change in unrealized appreciation/depreciation of investments and futures contracts during the period		4,029,882			12,974,631
Net increase in net assets resulting from operations		15,481,844			29,349,884
Distributions to Class A Shareholders:
From net investment income		(505,725	)		(390,536	)
Distributions to Class B Shareholders:
From net investment income		(172,308	)		(120,020	)
Distributions to Class I Shareholders:
From net investment income		(1,418,154	)		(1,439,082	)
Change in net assets from distributions to shareholders		(2,096,187	)		(1,949,638	)
Change in net assets from capital transactions		4,413,302			(6,332,799	)
Change in net assets		17,798,959			21,067,447
Net Assets:
Beginning of period		167,621,154			146,553,707
End of period	$	185,420,113		$	167,621,154
Distributions in excess of net investment income	$	(1,499,691	)	$	(1,302,855	)

See notes to financial statements.

85

Statements of changes in net assets   

MMA Praxis International Fund

Financial highlights

For a share outstanding throughout the period indicated.

	Class A Shares
	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2007			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, Beginning of Period	$	14.23		$	11.94		$	10.78		$	9.43		$	7.45		$	9.28
Investment Activities:
Net investment income		0.15			0.16			0.08			0.01			0.04			0.01
Net realized and unrealized gains (losses) from investments		1.16			2.26			1.22			1.37			2.00			(1.79	)
Total from Investment Activities		1.31			2.42			1.30			1.38			2.04			(1.78	)
Distributions:
Net investment income		(0.16	)		(0.13	)		(0.14	)		(0.03	)		(0.06	)		(0.03	)
Tax return of capital		—			—			—			—			—			(0.02	)
Total Distributions		(0.16	)		(0.13	)		(0.14	)		(0.03	)		(0.06	)		(0.05	)
Paid-in capital from redemption fees (a)		—			—			—			—			—			—
Net Asset Value, End of Period	$	15.38		$	14.23		$	11.94		$	10.78		$	9.43		$	7.45
Total Return (excludes sales charge)		9.19%	(b)		20.31%			12.16%			14.68%			27.53%			(19.29%	)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	49,612		$	44,837		$	121,173		$	115,687		$	97,396		$	68,989
Ratio of expenses to average net assets		1.73%	(c)		1.76%			1.58%			1.63%			1.50%			1.45%
Ratio of net investment income to average net assets		1.95%	(c)		0.85%			0.74%			0.16%			0.49%			0.11%
Ratio of expenses to average net assets*		1.73%	(c)		2.09%			1.90%			2.01%			2.14%			2.24%
Portfolio Turnover (d)		56.00%			82.77%			71.93%			81.85%			145.51%			76.38%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	Amount rounds to less than $0.005 per share.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

86

Financial highlights   

MMA Praxis International Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class B Shares
	Six Months
	Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2007			December 31,			December 31,			December 31,			December 31,			December 31,
	(Unaudited)			2006			2005			2004			2003			2002
Net Asset Value, Beginning of Period	$	13.99		$	11.77		$	10.62		$	9.32		$	7.39		$	9.23
Investment Activities:
Net investment income (loss)		0.06			(0.06	)		(0.01	)		(0.05	)		(0.01	)		(0.04	)
Net realized and unrealized gains (losses) from investments		1.18			2.34			1.22			1.35			1.98			(1.78	)
Total from Investment Activities		1.24			2.28			1.21			1.30			1.97			(1.82	)
Distributions:
Net investment income		(0.11	)		(0.06	)		(0.06	)		—	(a)		(0.04	)		—
Tax return of capital		—			—			—			—			—			(0.02	)
Total Distributions		(0.11	)		(0.06	)		(0.06	)		—			(0.04	)		(0.02	)
Paid-in capital from redemption fees (a)		—			—			—			—			—			—
Net Asset Value, End of Period	$	15.12		$	13.99		$	11.77		$	10.62		$	9.32		$	7.39
Total Return (excludes redemption charge)		8.85%	(b)		19.45%			11.50%			13.95%			26.73%			(19.73%	)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	24,217		$	24,186		$	25,381		$	24,094		$	21,468		$	17,608
Ratio of expenses to average net assets		2.38%	(c)		2.41%			2.23%			2.28%			2.15%			2.00%
Ratio of net investment income to average net assets		1.22%	(c)		0.17%			0.10%			(0.49%	)		(0.15	)%		(0.44%	)
Ratio of expenses to average net assets*		2.47%	(c)		2.57%			2.39%			2.51%			2.63%			2.74%
Portfolio Turnover (d)		56.00%			82.77%			71.93%			81.85%			145.51%			76.38%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such expense reductions had not occurred, the ratios would have been as indicated.
(a)	Amount rounds to less than $0.005 per share.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

87

MMA Praxis International Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class I Shares
	Six Months
	Ended			Period Ended
	June 30, 2007			December 31,
	(Unaudited)			2006 (a)
Net Asset Value, Beginning of Period	$	14.20		$	13.52
Investment Activities:
Net investment income		0.08			0.10
Net realized and unrealized gains from investments		1.26			0.78
Total from Investment Activities		1.34			0.88
Distributions:
Net investment income		(0.19	)		(0.20	)
Net Asset Value, End of Period	$	15.35		$	14.20
Total Return (excludes redemption charge)		9.47%	(b)		6.61%	(b)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	111,591		$	98,598
Ratio of expenses to average net assets		1.23%	(c)		1.28%	(c)
Ratio of net investment income to average net assets		2.44%	(c)		1.23%	(c)
Ratio of expenses to average net assets*		1.23%	(c)		1.39%	(c)
Portfolio Turnover (d)		56.00%			82.77%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2006 (commencement of operations) through December 31, 2006.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

88

MMA Praxis Small Cap Fund

Semi-annual report to shareholders

Portfolio manager’s letter

The MMA Praxis Small Cap Fund (A Shares) returned 2.9 percent versus the Russell 2000’s gain of 2.6 percent since the Fund’s inception on May 1, 2007. Over this short period of time, during which the market rose rapidly, we prudently invested the Fund’s initial cash position into a diversified portfolio of competitively advantaged companies.

The performance of the Russell 2000 during the second quarter continued to be driven by global economic growth. The Industrial, Technology, and Energy sectors added the most to returns, as global growth is clearly improving the fundamental outlook for these sectors. Financials and Utilities again were laggards. The flat yield curve has hindered profitability for the Financials sector and concerns about higher long-term rates and extended valuations have had a negative impact on the Utilities sector.

Sector allocation and stock selection added value to the Fund during the quarter. The Fund was overweight in Industrials and Energy, two of our strongest sectors, and underweight in Financials and Utilities, two of the weakest sectors. Our positive stock selection was broad based as each of our top five contributing stocks came from different sectors.

Our investment strategy is to identify competitively advantaged companies that generate strong financial returns with good reinvestment opportunities, and to purchase these stocks at attractive prices. We believe this strategy of investing in competitively advantaged companies with viable strategies to increase the value of their businesses, will continue to be beneficial for our investors. Our goal is to generate superior returns over time relative to our benchmark and to minimize the risk of the portfolio.

Steve R. Purvis, CFA, co-portfolio manager

Luther King Capital Management

89

MMA Praxis Small Cap Fund   

MMA Praxis Small Cap Fund

Schedule of portfolio investments

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 86.0%
AUTO & TRUCK PARTS — 2.0%
Drew Industries, Inc. (a)		250	$	8,285
Tenneco, Inc. (b)		700		24,528
				32,813
BANKS — 3.6%
Capitol Bancorp Ltd. (b)		200		5,466
City Bank (b)		200		6,302
First State Bancorporation, Inc. (b)		350		7,452
Glacier Bancorp, Inc. (b)		400		8,140
Sterling Financial Corp. (b)		400		11,576
UCBH Holdings, Inc. (b)		1,000		18,270
				57,206
BIOTECHNOLOGY — 1.0%
Parexel International Corp. (a)		400		16 ,824
CAPITAL MARKETS — 2.4%
FCStone Group, Inc. (a)(b)		300		17,193
Pension Worldwide, Inc. (a)(b)		850		20,851
				38,044
CHEMICALS — 0.7%
Airgas, Inc.		250		11,975
COMMERCIAL SERVICES — 4.5%
Diamond Management & Technology Consultants, Inc.		1,500		19,800
Knoll, Inc. (b)		800		17,920
Mobile Mini, Inc. (a)(b)		550		16,060
Resources Connection, Inc. (a)		550		18,249
				72,029
COMMUNICATIONS EQUIPMENT — 4.6%
Arris Group, Inc. (a)(b)		1,250		21,987
MasTec, Inc. (a)(b)		1,350		21,356
Powerwave Technologies, Inc. (a)(b)		1,850		12,395
SBA Communications Corp. (a)(b)		550		18,475
				74,213
CONSTRUCTION SERVICES — 1.6%
EMCOR Group, Inc. (a)		350		25,515
CONSUMER FINANCIAL SERVICES — 0.6%
Cash America International, Inc.		250		9,913
CONSUMER SERVICES — 2.1%
Bright Horizons Family Solutions, Inc. (a)(b)		400		15,564
Capella Education Co. (a)(b)		400		18,412
				33,976

90

Schedule of portfolio investments   

MMA Praxis Small Cap Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 86.0%, continued
ELECTRONIC EQUIPMENT & INSTRUMENTS — 5.7%
Anixter International (a)(b)		350	$	26,323
Franklin Electric Co., Inc. (b)		350		16,513
I.D. Systems, Inc. (a)(b)		450		5,792
LSI Industries, Inc. (b)		350		6,265
MTS Systems Corp.		400		17,867
Rofin-Sinar Technologies, Inc. (a)(b)		250		17,250
				90,010
ENERGY EQUIPMENT��& SERVICES — 4.2%
Atwood Oceanics, Inc. (a)(b)		200		13,724
Core Laboratories N.V. (a)(b)		200		20,338
Dril-Quip, Inc. (a)(b)		450		20,228
Superior Well Services, Inc. (a)(b)		500		12,705
				66,995
FOOD PRODUCTS — 2.3%
Reddy Ice Holdings, Inc. (b)		650		18,538
UAP Holding Corp. (b)		600		18,084
				36,622
HEALTH CARE SERVICES — 2.2%
inVentiv Health, Inc. (a)		500		18,305
PSS World Medical, Inc. (a)(b)		300		5,466
The TriZetto Group, Inc. (a)(b)		600		11,616
				35,387
HEALTHCARE EQUIPMENT & SUPPLIES — 3.7%
DJO Incorporated (a)(b)		300		12,381
Meridian Bioscience, Inc. (b)		750		16,245
MWI Veterinary Supply, Inc. (a)(b)		450		17,951
Wright Medical Group, Inc. (a)(b)		500		12,060
				58,637
HOTELS, RESTAURANTS & LEISURE — 3.9%
Great Wolf Resorts, Inc. (a)(b)		1,100		15,675
IHOP Corp.		300		16,329
Life Time Fitness, Inc. (a)(b)		350		18,631
The Cheesecake Factory, Inc. (a)(b)		500		12,260
				62,895
HOUSEHOLD PRODUCTS — 1.7%
Rent-A-Center, Inc. (a)		350		9,181
Tempur-Pedic International, Inc. (b)		700		18,130
				27,311
INDUSTRIAL PRODUCTS & SERVICES — 1.4%
Raven Industries, Inc. (b)		650		23,212
INSURANCE — 3.0%
American Equity Investment Holding Co. (b)		1,400		16,912
Argonaut Group, Inc. (a)		400		12,484
Max Capital Group Ltd.		650		18,395
				47,791

91

MMA Praxis Small Cap Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 86.0%, continued
INTERNET SOFTWARE & SERVICES — 1.9%
RADVision Ltd. (a)(b)		750	$	15,772
TIBCO Software, Inc. (a)(b)		1,650		14,933
				30,705
IT CONSULTING SERVICES — 1.0%
Ness Technologies, Inc. (a)(b)		1,200		15,612
MACHINERY — 5.2%
CIRCOR International, Inc.		300		12,129
CLARCOR, Inc.		550		20,586
Gehl Co. (a)(b)		600		18,216
Kaydon Corp. (b)		300		15,636
Nordson Corp.		350		17,556
				84,123
METALS & MINING — 2.6%
Haynes International, Inc. (a)		200		16,886
Silgan Holdings, Inc.		450		24,876
				41,762
OIL & GAS OPERATIONS — 4.2%
Cabot Oil & Gas Corp.		200		7,376
Parallel Petroleum Corp. (a)		900		19,710
Petroquest Energy, Inc. (a)(b)		1,350		19,629
Union Drilling, Inc. (a)(b)		1,250		20,525
				67,240
PHARMACEUTICALS — 1.3%
American Oriental Bioengineering, Inc. (a)		650		5,785
Bentley Pharmaceuticals, Inc. (a)(b)		1,300		15,782
				21,567
REAL ESTATE — 1.1%
Potlatch Corp. (b)		400		17,220
RETAIL — 6.6%
Build-A-Bear-Workshop, Inc. (a)(b)		250		6,535
Conn’s, Inc. (a)(b)		700		19,992
Guitar Center, Inc. (a)(b)		400		23,923
Jos. A. Bank Clothiers, Inc. (b)		550		22,808
Stein Mart, Inc. (b)		1,050		12,873
Tractor Supply Co. (a)(b)		350		18,218
				104,349
SEMICONDUCTORS — 2.7%
Cirrus Logic, Inc. (a)(b)		2,150		17,845
RF Micro Devices, Inc. (a)(b)		2,500		15,600
Trident Microsystems, Inc. (a)(b)		500		9,175
				42,620

92

MMA Praxis Small Cap Fund

Schedule of portfolio investments, continued

June 30, 2007 (Unaudited)

	SHARES		VALUE
COMMON STOCKS — 86.0%, continued
SOFTWARE & PROGRAMMING — 5.5%
i2 Technologies, Inc. (b)		700	$	13,048
Lawson Software, Inc. (a)(b)		1,300		12,857
Nuance Communications, Inc. (a)(b)		1,800		30,113
Verint Systems, Inc. (a)		450		14,085
Wind River Systems, Inc. (a)		1,600		17,600
				87,703
WATER TRANSPORTATION — 2.7%
Kirby Corp. (a)		450		17,276
Quintana Maritime, Ltd.		1,650		26,103
				43,379
TOTAL COMMON STOCKS				1,377,648
SHORT TERM INVESTMENTS — 12.6%
Northern Institutional Government Select Portfolio		201,913		201,913
SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING — 48.5%
Northern Institutional Liquid Asset Portfolio		778,451		778,451
TOTAL INVESTMENTS (Cost $2,320,139) — 147.1%				2,358,012
Liabilities in excess of other assets — (47.1%)				(754,518	)
NET ASSETS — 100.0%			$	1,603,494

(a)	Non-income producing securities.
(b)	All or part of this security was on loan, as of June 30, 2007.

See notes to financial statements.

93

MMA Praxis Small Cap Fund

Statement of assets and liabilities

June 30, 2007 (Unaudited)

ASSETS:
Investments, at value* (cost $1,541,688)	$	1,579,561
Investments held as collateral for securities loaned, at value (Cost $778,451)		778,451
Total Investments		2,358,012
Interest and dividends receivable		2,326
Receivable for capital shares sold		7,000
Prepaid expenses		15,394
Total Assets		2,382,732
LIABILITIES:
Payable for capital shares redeemed		122
Payable for securities loaned		778,451
Accrued expenses and other payables:
Investment advisory fees		125
Affiliates		426
Distribution fees		114
Total Liabilities		779,238
NET ASSETS:
Capital		1,568,242
Accumulated net investment income		729
Accumulated net realized loss on investments		(3,350	)
Net unrealized appreciation on investments		37,873
Net Assets	$	1,603,494
Net Assets
Class A	$	489,001
Class B		105,673
Class I		1,008,820
Total	$	1,603,494
Shares Outstanding (unlimited number of shares authorized with $.01 par value)
Class A		47,514
Class B		10,281
Class I		98,000
Total		155,795
Net asset value
Class A — Redemption Price Per Share(A)	$	10.29
Class A — Maximum Sales Charge		5.25%
Class A — Maximum Offering Price Per Share
[(100%/(100%-Maximum Sales Charge) of net asset value adjusted to the nearest cent]	$	10.86
Class B — offering price per share**(A)	$	10.28
Class I — offering price per share**(A)	$	10.29

*	Includes securities on loan of $754,858.
**	Redemption price per share varies by length of time shares are held.
(A)	Net proceeds upon redemption may include a redemption fee.

See notes to financial statements.

94

Statement of assets and liabilities   

MMA Praxis Small Cap Fund

Statement of operations

For the six months ended June 30, 2007 (a) (Unaudited)

INVESTMENT INCOME:
Dividends	$	2,206
Interest		2,655
Total Investment Income		4,861
EXPENSES:
Investment advisory fees		1,791
Administration fees		295
Distribution fees — Class A		97
Distribution fees — Class B		62
Shareholder servicing fees — Class A		97
Shareholder servicing fees — Class B		21
Custodian fees		202
Legal fees and expenses		1,174
Trustees’ fee and expenses		168
Other expenses		1,995
Total expenses before reductions/reimbursements		5,902
Expenses reimbursed by Investment Adviser		(1,665	)
Expenses reduced by Distributor		(105	)
Net Expenses		4,132
Net Investment Income		729
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized loss on investments		(3,350	)
Change in unrealized appreciation/depreciation of investments during the period		37,873
Net realized and unrealized gain on investments		34,523
Net increase in net assets resulting from operations	$	35,252

(a) Represents the period of commencement of operations (May 1, 2007) through June 30, 2007.

See notes to financial statements.

95

Statement of operations   

MMA Praxis Small Cap Fund

Statements of changes in net assets

	Six Months
	Ended
	June 30, 2007 (a)
	(Unaudited)
From Investment Activities:
Net investment income	$	729
Net realized gain on investments		(3,350	)
Change in unrealized appreciation/depreciation of investments during the period		37,873
Net increase in net assets resulting from operations		35,252
Change in net assets from capital transactions		1,568,242
Change in net assets		1,603,494
Net Assets:
Beginning of period		—
End of period	$	1,603,494
Accumulated net investment income	$	729

(a) Represents the period of commencement of operations (May 1, 2007) through June 30, 2007.

See notes to financial statements.

96

Statements of changes in net assets   

MMA Praxis Small Cap Fund

Financial highlights

For a share outstanding throughout the period indicated.

	Class A Shares
	Period Ended
	June 30, 2007 (a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Investment Activities:
Net investment income		—	(b)
Net realized and unrealized gains from investments		0.29
Total from Investment Activities		0.29
Net Asset Value, End of Period	$	10.29
Total Return (excludes sales charge)		2.90%	(c)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	489
Ratio of expenses to average net assets		2.06%	(d)
Ratio of net investment income to average net assets		0.27%	(d)
Ratio of expenses to average net assets*		3.07%	(d)
Portfolio Turnover (e)		39.95%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2007 (commencement of operations) through June 30, 2007.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

97

Financial highlights   

MMA Praxis Small Cap Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class B Shares
	Period Ended
	June 30, 2007 (a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Investment Activities:
Net investment loss		(—	) (b)
Net realized and unrealized gains from investments		0.28
Total from Investment Activities		0.28
Net Asset Value, End of Period	$	10.28
Total Return (excludes redemption charge)		2.80%	(c)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	106
Ratio of expenses to average net assets		2.71%	(d)
Ratio of net investment loss to average net assets		(0.41%	)(d)
Ratio of expenses to average net assets*		3.55%	(d)
Portfolio Turnover (e)		39.95%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2007 (commencement of operations) through June 30, 2007.
(b)	Amount rounds to less than $0.005 per share.
(c)	Not annualized.
(d)	Annualized.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

98

MMA Praxis Small Cap Fund

Financial highlights, continued

For a share outstanding throughout the period indicated.

	Class I Shares
	Period Ended
	June 30, 2007 (a)
	(Unaudited)
Net Asset Value, Beginning of Period	$	10.00
Investment Activities:
Net investment income		0.01
Net realized and unrealized gains from investments		0.28
Total from Investment Activities		0.29
Net Asset Value, End of Period	$	10.29
Total Return (excludes redemption charge)		2.90%	(b)
Ratios/Supplemental Data:
Net assets at end of period (000)	$	1,009
Ratio of expenses to average net assets		1.85%	(c)
Ratio of net investment income to average net assets		0.39%	(c)
Ratio of expenses to average net assets*		2.62%	(c)
Portfolio Turnover (d)		39.95%

*	During the period, certain expenses were reduced, reimbursed or paid by a third party. If such activity had not occurred, the ratios would have been as indicated.
(a)	For the period from May 1, 2007 (commencement of operations) through June 30, 2007.
(b)	Not annualized.
(c)	Annualized.
(d)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See notes to financial statements.

99

MMA Praxis Mutual Funds

Notes to financial statements

June 30, 2007 (Unaudited)

1. Organization:

The MMA Praxis Mutual Funds (the “Trust”) is an open-end management investment company established as a Delaware business trust under a Declaration of Trust dated September 27, 1993, as amended and restated December 1, 1993, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust currently consists of the MMA Praxis Intermediate Income Fund, the MMA Praxis Core Stock Fund, the MMA Praxis Value Index Fund, the MMA Praxis Growth Index Fund, the MMA Praxis International Fund and the MMA Praxis Small Cap Fund, (individually a “Fund”, collectively “the Funds”). These are also known as the Intermediate Income Fund, Core Stock Fund, Value Index Fund, Growth Index Fund, International Fund, and Small Cap Fund.

The Funds currently offer three classes of shares; Class A, Class B and Class I. Each class of shares in a Fund has identical rights and privileges except with respect to fees paid under the distribution and shareholder servicing agreements, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares.

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide general indemnification. Each Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against a Fund. However, based on experience, the Trust expects the risk of loss to be remote.

2.  Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

Securities Valuation:

Securities are valued at market values determined on the basis of the latest available bid prices in the principal market (closing sales prices if the principal market is an exchange) in which such securities are normally traded. Investments in investment companies are valued at their respective net asset values as reported by such companies. The differences between the cost and market values of investments are reflected as either unrealized appreciation or depreciation.

The Funds use various independent pricing services to value most of their investments. A pricing service would normally consider such factors as yield, risk, quality, maturity, type of issue, trading characteristics, special circumstances and other factors it deems relevant in determining valuations of normal institutional trading units of debt securities and would not rely exclusively on quoted prices. When fair valuing foreign securities held by the International Fund, certain pricing services might use computerized pricing models to systematically calculate adjustments to foreign security closing prices based on the latest market movements. Such pricing models utilize market data that has been obtained between the local market close and the NYSE close to compute adjustments to foreign security close prices. The methods used by the pricing service and the valuations so established will be reviewed by the Adviser under general supervision of the Funds’ Board of Trustees. Securities for which market quotations are not readily available, or are unreliable, are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees. Money Market instruments and other debt securities with a remaining maturity of less than 60 days are valued at amortized cost, which approximates market.

100

Notes to financial statements   

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2007 (Unaudited)

Investments in restricted securities are valued by the Board of Trustees or valued pursuant to valuation procedures approved by the Board of Trustees (the “Valuation Procedures”). The Valuation Procedures contemplate the Board’s delegation of the implementation of the Valuation Procedures to the Adviser. In valuing restricted securities under the Valuation Procedures, the Adviser will consider (but is not limited to) certain specific and general factors enumerated in the Valuation Procedures. The Valuation Procedures require that the Adviser report to the Board at each of its regular quarterly meetings regarding valuation of restricted securities and actions taken in connection with the Valuation Procedures.

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of June 30, 2007, the Funds do not believe the adoption of SFAS No. 157 will impact the amounts reported in the financial statements, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements reported on the statement of changes in net assets for a fiscal period.

Securities Transactions and Related Income:

Security transactions are accounted for on the trade date. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Interest income is recognized on the accrual basis and includes, where applicable, the pro rata amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date. Income and realized and unrealized gains and losses on investments are allocated to each class of shares based upon relative net assets or other appropriate basis.

Risks associated with Foreign Securities and Currencies:

Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include adverse future political and economic developments and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments which could adversely affect investments in those countries.

Certain countries may also impose substantial restrictions on investments on their capital markets by foreign entities, including restriction on investment in issuers or industries deemed sensitive to the relevant nation’s interests. These factors may limit the investment opportunities available or result in lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

Foreign Currency Translation:

The market value of investment securities, other assets and liabilities of the Intermediate Income Fund, the Value Index Fund and the International Fund denominated in foreign currencies are translated into U.S. dollars at the current exchange rate at the close of each business day. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars based at the exchange rate on the date of the transaction.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized/unrealized gain (loss) from investments.

101

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2007 (Unaudited)

Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from the changes in the value of assets and liabilities including investments in securities at fiscal year end, resulting from changes in the exchange rate.

Forward Foreign Currency Contracts:

The International Fund may enter into forward foreign currency exchange contracts for the purchase or sale of specific foreign currencies at a fixed price on a future date. Risks may arise upon entering these contracts for the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The International Fund will enter into forward contracts as a hedge against specific transactions or portfolio positions to protect against adverse currency movements. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the contract settlement date, at which time the International Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

As of June 30, 2007, the International Fund had the following forward foreign currency exchange contracts outstanding as follows:

Settlement	To Receive/			Initial		Market		Net Unrealized		Net Unrealized
Date	To Deliver			Value		Value		Appreciation		Depreciation
Contracts to Sell
7/3/07		$219,836	EUR	$	295,295		297,578	$	—	$	2,284
7/5/07		105,916,015	JPY		858,607		860,333		—		1,726

EUR - Euro

JPY - Japanese Yen

Futures Contracts:

The Funds may invest in futures contracts (stock or bond index futures contracts or interest rate futures contracts) to hedge or manage risks associated with a Funds’ securities investments. To enter into a futures contract, an amount of cash and cash equivalents, equal to a certain percentage of the market value of the futures contracts, is deposited in a segregated account with the Fund’s Custodian and/or in a margin account with a broker to collateralize the position and thereby ensure that the use of such futures is unleveraged. Positions in futures contracts may be closed out only on an exchange that provides a secondary market for such futures. However, there can be no assurance that a liquid secondary market will exist for any particular futures contract at any specific time. Thus, it may not be possible to close a futures position. In the event of adverse price movements, a Fund would continue to be required to make daily cash payments to maintain its required margin. In such situations, if a Fund had insufficient cash, it might have to sell portfolio securities to meet daily margin requirements at a time when it would be disadvantageous to do so. In addition, a Fund might be required to make delivery of the instruments to underlying futures contracts it holds. The inability to close the futures position also could have an adverse impact on a Fund’s ability to hedge or manage risks effectively.

Successful use of futures by a Fund is also subject to MMA Capital Management’s (the “Adviser”) ability to predict movements correctly in the direction of the market. There is an imperfect correlation between movements in the price of the future and movements in the price of the securities that are the subject of the hedge. In addition, the price of futures may not correlate perfectly with movement in the cash market due to certain market distortions. Due to the possibility of price distortion in the futures market and because of the imperfect correlation between the movements in the cash market and movements in the

102

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2007 (Unaudited)

price of futures, a correct forecast of general market trends or interest rate movements by the Adviser may still not result in a successful hedging transaction over a short time frame.

Most futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day’s settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of contract, no trades may be made on that day at a price beyond the limit. The daily limit governs only price movement during a particular trading day and therefore does not limit potential losses, because the limit may prevent the liquidation of unfavorable positions. Futures contract prices have occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures to substantial losses.

The trading of futures contracts is also subject to the risk of trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other disruptions of normal trading activity, which could at times make it difficult or impossible to liquidate existing positions or to recover excess variation margin payments.

Swap Agreements:

The Funds may enter into event-linked swaps, including credit default swaps. The credit default swap market allows a Fund to manage credit risk through buying and selling credit protection on specific names or a basket of names. The transactions are documented through swap documents. A “buyer” of credit protection agrees to pay a premium to a counterparty to assume the credit risk of an issuer upon the occurrence of certain events. The “seller” of credit protection receives a premium from a counterparty and agrees to assume the credit risk of an issuer upon the occurrence of certain events.

Securities Lending:

In order to generate additional income, each Fund may, from time to time, subject to its investment objectives and policies, lend its portfolio securities to broker-dealers, banks, or institutional borrowers of securities pursuant to agreements requiring that the loans be secured by collateral equal in value to 100% of the value of the securities loaned. Collateral for loans of portfolio securities must consist of: (1) cash in U.S. dollars, to be invested in the Northern Institutional Liquid Asset Portfolio, (2) obligations issued or guaranteed by the U.S. Treasury or by any agency or instrumentality of the U.S. Government, or (3) irrevocable, non-transferable, stand-by letters of credit issued by banks domiciled or doing business within the U.S. and meeting certain credit requirements at the time of issuance. This collateral will be valued daily by the Adviser. Should the market value of the loaned securities increase, the borrower is required to furnish additional collateral to that Fund.

During the time portfolio securities are on loan, the borrower pays the Fund any dividends or interest received on such securities. Loans are subject to termination by the Fund or the borrower at any time. While the Fund does not have a right to vote on securities on loan, each Fund intends to terminate the loan and regain the right to vote if that is considered important with respect to the investment. While the lending of securities may subject a Fund to certain risks, such as delays or an inability to regain the securities in the event the borrower were to default or enter into bankruptcy, each Fund will have the contract right to retain the collateral described above.

The Northern Trust Company serves as the Securities Lending Agent. For providing this service, the Securities Lending Agent retains 40% of the securities lending income. The securities lending income is

103

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2007 (Unaudited)

shown net of fees on the Statement of operations. For the period ended June 30, 2007, the Funds had securities on loan as follows:

	Fee paid to		Market		Market Value
	Northern Trust		Value of		of Loaned
	Company		Collateral		Securities
Intermediate Income Fund	$	3,426	$	10,841,714	$	10,546,971
Core Stock Fund		7,755		35,715,010		35,354,793
Value Index Fund		2,563		7,997,788		7,827,836
Growth Index Fund		—		62,073		55,767
International Fund		17,034		23,513,703		22,918,490
Small Cap Fund		—		778,451		754,858

Community Development Investments:

Consistent with the investment criteria for socially responsible investing, the Board of Trustees of the Funds has authorized the Funds to make certain types of community development investments. In connection with the community development investments, the Funds have received from the Securities and Exchange Commission (“SEC”) an exemptive order that would permit each of the Funds to invest a limited portion of their respective net assets in securities issued by an affiliate of MMA Capital Management (the “Adviser”), MMA Community Development Investments, Inc. (“MMA CDI”). MMA CDI is a not-for-profit corporation that was organized specifically to promote community development investing and it seeks to fund its efforts primarily through the sale to investors of interests in certain investment pools that it has established (the “CDI-Notes”). Assets raised through offerings of CDI-Notes are then invested directly in non-profit and not-for-profit community development organizations. Each Fund, in accordance with guidelines established by the Board of Trustees and in compliance with the SEC’s exemptive order, would be permitted to invest up to 3% of its net assets in CDI-Notes. CDI-Notes have certain specific risk factors associated with them. These types of investments offer a rate of return below the prevailing market rate at acquisition and are considered illiquid, unrated and below-investment grade. They also involve a greater risk of default or price decline than investment-grade securities. However, these investments have been determined by the Board of Trustees as being a beneficial way to carry out each Fund’s goals for stewardship investing at the community level. In addition, these investments are valued in accordance with procedures approved by the Board of Trustees.

Dividends and Distributions:

Dividends from net investment income are declared and paid monthly for the Intermediate Income Fund. Dividends from the net investment income are declared and paid semi-annually for the Core Stock Fund, the Value Index Fund, the Growth Index Fund, the International Fund, and the Small Cap Fund. Distributable net realized capital gains, if any, are declared and distributed at least annually.

The amounts of dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

Federal Income Taxes:

It is each Fund’s policy to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of Subchapter M of the Internal Revenue Code, and to distribute timely all of its net investment company taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains

104

MMA Praxis Mutual Funds

Notes to financial statements, continued

June 30, 2007 (Unaudited)

earned on foreign investments at various rates. Where available, the International Fund will file for claims on foreign taxes withheld.

Other:

Expenses that are directly related to a Fund are charged directly to that Fund. Other operating expenses of the Trust are prorated to each Fund on the basis of relative net assets to the Trust or another reasonable basis. Expenses specific to a class are charged directly to that class.

Each Fund maintains a cash balance with its Custodian and receives a reduction of its custody fees and expenses for the amount of interest earned on such uninvested cash balance. For financial reporting purposes for the six months ended June 30, 2007, there were no custodian fees and expenses reduced by the Custodian. There was no effect on net investment income. If the Funds had received a reduction of custody fees and expenses, the Funds could have invested such cash amounts in an income-producing asset if they had not agreed to a reduction of fees or expenses under the expense offset arrangement with their Custodian.

The Funds will charge a redemption fee of 2.00% of the total redemption amount if you sell or exchange your shares after holding them for less than 30 days subject to certain exceptions and limitations described in the prospectus.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term debt securities having maturities one year or less and U.S. Government Securities) for the period ended June 30, 2007 were as follows:

	Purchases		Sales
Intermediate Income Fund	$	42,040,582	$	31,243,468
Core Stock Fund		13,305,580		24,664,151
Value Index Fund		22,177,660		10,621,275
Growth Index Fund		1,683,778		109,783
International Fund		49,521,542		47,310,871
Small Cap Fund		1,395,664		52,539

4. Related Party Transactions:

Menno Insurance Service, Inc. d/b/a MMA Capital Management, (the “Adviser”) (a separate corporate entity controlled by Mennonite Mutual Aid, Inc.), provides investment advisory services to the Funds. Under the terms of the investment advisory agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each of the Funds as follows: 0.50% for the Intermediate Income Fund; 0.74% for the Core Stock Fund; 0.30% for the Value Index Fund; 0.30% for the Growth Index Fund; 0.90% for the International Fund and 0.85% for the Small Cap Fund. Evergreen Investment Management Company, LLC, serves as the sub-adviser to the International Fund. The Adviser entered into expense limitation agreements pursuant to which the Adviser agreed to waive fees and/or reimburse expenses to the extent necessary in order to limit the total annual fund operating expenses (excluding brokerage costs, interest, taxes, dividends, fees paid to vendors providing fair value pricing and fund compliance services, legal fees, costs relating to such services and extraordinary expenses).

Effective May 1, 2005, each Fund has agreed to repay the Adviser for the amounts waived and/or reimbursed by the Adviser pursuant to the expense limitation agreement provided that such repayment does not cause the total annual fund operating expenses of Class A and Class B of each Fund to exceed 0.86% and 1.31%, respectively, for the Intermediate Income Fund, 1.26% and 1.91%, respectively, for the Core Stock Fund, 0.96% and 1.51%, respectively, for the Value Index Fund, and 1.50% and 2.15%, respectively, for the International Fund.

Effective May 1, 2007, the Funds have agreed to repay the Adviser for the amounts waived and/or reimbursed by the Adviser pursuant to the expense limitation agreement provided that such repayment does not cause the total annual fund operating expenses of Class A, Class B, and Class I of each Fund to

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Notes to financial statements, continued

June 30, 2007 (Unaudited)

exceed 0.85%, 1.30% and 0.60%, respectively, for the Intermediate Income Fund, 1.43%, 2.08%, and 1.18%, respectively, for the Core Stock Fund, 0.94%, 1.49%, and 0.69%, respectively, for the Value Index Fund, 0.94%, 1.49%, and 0.69%, respectively, for the Growth Index Fund, 1.67%, 2.32% and 1.42%, respectively, for the International Fund, and 1.45%, 2.10%, and 1.20%, respectively, for the Small Cap Fund. The Adviser has agreed to maintain these expense limitations with regard to the Funds through December 31, 2007. For the six months ended June 30, 2007, the Adviser waived investment advisory fees in the Intermediate Income Fund, Growth Index Fund, and Small Cap Fund in the amount of $169,206, $1,531, and $1,665, respectively. For the six months ended June 30, 2007, the Core Stock Fund and International Fund repaid the Adviser in the amounts of $148,501 and $87,496 for fees waived during the year ended December 31, 2004, respectively. The Value Index Fund repaid the Adviser in the amount of $7,293 for fees waived during the year ended December 31, 2006.

As of June 30, 2007 the Funds had the following amounts (and year of expiration) subject to repayment to the Adviser:

Fund	Fees Waived		Repayment Expires		Balance
Intermediate Income Fund		2004		2007	$	365,525
		2005		2008		134,653
		2006		2009		299,777
		2007		2010		169,206
Core Stock Fund		2004		2007		298,056
Value Index Fund		2006		2009		2,703
Growth Index Fund		2007		2010		1,531
International Fund		2004		2007		140,466
		2006		2009		875
Small Cap Fund		2007		2010		1,665

JPMorgan Chase Bank, N.A. (JPMorgan) (formerly Integrated Investment Services, Inc.) provides administrative, accounting, transfer agency, shareholder servicing and dividend disbursing services on behalf of the Trust. For these services, JPMorgan receives an annual fee, paid monthly, from each Fund.

IFS Fund Distributors, Inc. (“Underwriter”) is the Funds’ principal underwriter and, as such, acts as exclusive agent for distribution of the Funds’ shares. Under the terms of the Underwriting Agreement between the Trust and the Underwriter, the Underwriter earned $7,156, $20,213, $16,792, $4,750, $13,424, and $441 from underwriting and broker commissions on the sale of shares of the Intermediate Income Fund, Core Stock Fund, Value Index Fund, Growth Index Fund, International Fund, and Small Cap Fund, respectively, for the six months ended June 30, 2007. In addition, the Underwriter collected $6,286, $13,261, $2,762, and $2,300 of contingent deferred sales loads of the Intermediate Income Fund, Core Stock Fund, Value Index Fund, and International Fund, respectively.

The Trust has adopted a Plan of Distribution (12b-1 plan) for each Fund under which each Fund may directly incur or reimburse the Adviser or the Underwriter for expenses related to the distribution and promotion of shares. Class A shares of each Fund may each pay an annual fee of up to 0.50% of average daily net assets of such Fund’s Class A shares. The Adviser or Underwriter may use up to 0.25% of the 12b-1 fee for shareholder servicing and up to 0.25% for distribution. Class B shares of each Fund may each pay an annual fee of up to 1.00% of the average daily net assets of such Fund’s Class B shares. The

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Notes to financial statements, continued

June 30, 2007 (Unaudited)

Adviser or Underwriter may incur 0.25% of the 12b-1 fee for shareholder servicing and up to 0.75% for distribution. Class I shares do not have a 12b-1 plan.

Under the terms of the Compliance Services Agreement between the Trust and JPMorgan, JPMorgan provides certain compliance services to the Trust, including developing and assisting in implementing a compliance program for JPMorgan on behalf of the Trust and providing administrative support services to the Funds’ Compliance Program and Chief Compliance Officer.

Certain officers of the Trust are affiliated with the Adviser and/or JPMorgan. Such officers are not paid any fees directly by the Funds for serving as officers of the Trust.

5. Capital Share Transactions:

Transactions in shares of the Funds are summarized below:

	Intermediate Income Fund						Core Stock Fund						Value Index Fund
	Six Months						Six Months						Six Months
	Ended			Year			Ended			Year			Ended			Year
	June 30,			Ended			June 30,			Ended			June 30,			Ended
	2007			December 31,			2007			December 31,			2007			December 31,
	(Unaudited)			2006			(Unaudited)			2006			(Unaudited)			2006
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	7,547,741		$	23,368,669		$	15,753,361		$	53,164,019		$	8,303,975		$	10,532,393
Dividends reinvested		851,857			3,662,931			238,735			4,346,989			183,147			1,182,575
Cost of shares redeemed		(4,689,102	)		(219,524,652	)		(8,746,127	)		(180,382,298	)		(1,610,954	)		(33,573,159	)
Redemption fees		69			324			344			492			236			49
Class A Share Transactions	$	3,710,565		$	(192,492,728	)	$	7,246,313		$	(122,870,798	)	$	6,876,404		$	(21,858,142	)
Class B Shares:
Proceeds from shares issued	$	1,050,584		$	1,528,574		$	2,109,972		$	4,217,838		$	1,360,185		$	2,903,509
Dividends reinvested		450,191			980,447			—			3,583,895			57,003			721,496
Cost of shares redeemed		(4,269,697	)		(11,364,388	)		(14,281,844	)		(42,019,845	)		(1,216,596	)		(3,118,121	)
Redemption fees		1,001			21			137			346			20			12
Class B Share Transactions	$	(2,767,921	)	$	(8,855,346	)	$	(12,171,735	)	$	(34,217,766	)	$	200,612		$	506,896
Class I Shares:
Proceeds from shares issued	$	5,560,241		$	217,127,370		$	3,949,929		$	169,448,285		$	4,800,651		$	34,150,512
Dividends reinvested		3,750,734			4,708,496			554,457			8,008,878			115,822			1,447,608
Cost of shares redeemed		(7,074,267	)		(19,466,940	)		(10,578,277	)		(11,392,602	)		(500,275	)		(9,648,409	)
Redemption fees		—			—			111			—			—			—
Class I Share Transactions	$	2,236,708		$	202,368,926		$	(6,073,780	)	$	166,064,561		$	4,416,198		$	25,949,711
Net increase (decrease) from capital transactions	$	3,179,352		$	1,020,852		$	(10,999,202	)	$	8,975,997		$	11,493,214		$	4,598,465
Share Transactions:
Class A Shares:
Issued		780,891			2,424,912			1,007,763			3,635,980			706,610			977,633
Reinvested		88,493			381,386			14,816			284,489			15,447			104,969
Redeemed		(485,955	)		(23,152,922	)		(553,285	)		(12,209,841	)		(135,637	)		(3,072,964	)
Change in Class A Shares		383,429			(20,346,624	)		469,294			(8,289,372	)		586,420			(1,990,362	)
Class B Shares:
Issued		108,774			158,841			141,010			296,580			116,315			268,930
Reinvested		46,706			102,142			(16	)		244,969			4,806			64,342
Redeemed		(440,887	)		(1,178,373	)		(954,410	)		(2,982,376	)		(103,913	)		(291,985	)
Change in Class B Shares		(285,407	)		(917,390	)		(813,416	)		(2,440,827	)		17,208			41,287
Class I Shares:
Issued		576,634			22,925,879			250,483			11,470,215			407,197			3,122,110
Reinvested		389,897			491,461			34,268			522,432			9,799			128,668
Redeemed		(734,460	)		(2,042,001	)		(664,770	)		(757,818	)		(42,566	)		(874,710	)
Change in Class I Shares		232,071			21,375,339			(380,019	)		11,234,829			374,430			2,376,068
Net increase (decrease) from share transactions		330,093			111,325			(724,141	)		504,630			978,058			426,993

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Notes to financial statements, continued

June 30, 2007 (Unaudited)

							Small Cap Fund
Growth Index Fund				International Fund
	Period			Six Months						Period
	Ended			Ended			Year			Ended
	June 30,			June 30,			Ended			June 30,
	2007(A)			2007			December 31,			2007(A)
	(Unaudited)			(Unaudited)			2006			(Unaudited)
Capital Transactions:
Class A Shares:
Proceeds from shares issued	$	477,186		$	6,625,245		$	13,741,809		$	483,850
Dividends reinvested		—			478,090			366,496			—
Cost of shares redeemed		(10,188	)		(6,016,931	)		(109,243,398	)		(122	)
Redemption fees		204			282			4,888			—
Class A Share Transactions	$	467,202		$	1,086,686		$	(95,130,205	)	$	483,728
Class B Shares:
Proceeds from shares issued	$	134,202		$	1,212,895		$	2,088,970		$	104,514
Dividends reinvested		—			168,086			116,352			—
Cost of shares redeemed		—			(3,211,242	)		(7,689,316	)		—
Redemption fees		—			6			167			—
Class B Share Transactions	$	134,202		$	(1,830,255	)	$	(5,483,827	)	$	104,514
Class I Shares:
Proceeds from shares issued	$	1,006,443		$	10,624,354		$	102,907,600		$	980,000
Dividends reinvested		—			1,124,718			1,127,601			—
Cost of shares redeemed		—			(6,592,158	)		(9,753,968	)		—
Redemption fees		—			(43	)		—			—
Class I Share Transactions	$	1,006,443		$	5,156,871		$	94,281,233		$	980,000
Net increase (decrease) from capital transactions	$	1,607,847		$	4,413,302		$	(6,332,799	)	$	1,568,242
Share Transactions:
Class A Shares:
Issued		46,695			448,264			1,063,909			47,526
Reinvested		—			31,085			27,289			—
Redeemed		(988	)		(404,017	)		(8,088,650	)		(12	)
Change in Class A Shares		45,707			75,332			(6,997,452	)		47,514
Class B Shares:
Issued		13,162			84,000			164,400			10,281
Reinvested		—			11,117			9,082			—
Redeemed		—			(221,802	)		(601,902	)		—
Change in Class B Shares		13,162			(126,685	)		(428,420	)		10,281
Class I Shares:
Issued		100,644			695,333			7,598,524			98,000
Reinvested		—			73,271			84,548			—
Redeemed		—			(440,530	)		(739,993	)		—
Change in Class I Shares		100,644			328,074			6,943,079			98,000
Net increase (decrease) from share transactions		159,513			276,721			(482,793	)		155,795

^(A) Represents the period from commencement of operations (May 1, 2007) through June 30, 2007.

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June 30, 2007 (Unaudited)

6. Federal Income Tax Information:

The character of dividends paid to shareholders for federal income tax purposes during the year ended December 31, 2006 and 2005 was as follows:

	Intermediate												International
	Income Fund				Core Stock Fund				Value Index Fund				Fund
	2006		2005		2006		2005		2006		2005		2006		2005
From ordinary income	$	11,713,875	$	10,798,788	$	154,509	$	854,926	$	971,847	$	665,289	$	1,949,638	$	1,562,998
From long-term capital gains		—		—		16,168,098		32,477		2,789,551		—		—		—
Total distributions	$	11,713,875	$	10,798,788	$	16,322,607	$	887,403	$	3,761,398	$	665,289	$	1,949,638	$	1,562,998

The following information is computed on a tax basis for each item as of December 31, 2006:

	Intermediate			Core			Value
	Income			Stock			Index			International
	Fund			Fund			Fund			Fund
Tax cost of portfolio investments	$	282,932,541		$	331,371,152		$	53,561,550		$	142,931,277
Gross unrealized appreciation		1,532,048			47,444,596			14,153,778			40,693,221
Gross unrealized depreciation		(4,045,853	)		(6,378,414	)		(643,989	)		(1,754,025	)
Net unrealized appreciation (depreciation)		(2,513,805	)		41,066,182			13,509,789			38,939,196
Undistributed ordinary income		35,379			102,601			138,360			213,137
Capital loss carryforward		(2,912,479	)		(2,829,151	)		—			(7,268,447	)
Post-October losses		(68,512	)		(168,790	)		(8,588	)		—
Other temporary differences		—			—			—			(201	)
Accumulated earnings (deficit)	$	(5,459,417	)	$	38,170,842		$	13,639,561		$	31,883,685

The difference between book basis and tax basis net unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales and investments in Passive Foreign Investment Companies.

The following information is computed on a tax basis for each item as of June 30, 2007:

	Intermediate			Core			Value
	Income			Stock			Index
	Fund			Fund			Fund
Tax cost of portfolio investments	$	289,242,714		$	330,231,486		$	71,166,555
Gross unrealized appreciation	$	535,961		$	57,719,879		$	15,496,776
Gross unrealized depreciation		(7,099,659	)		(3,884,195	)		(1,218,240	)
Net unrealized appreciation (depreciation)	$	(6,563,698	)	$	53,835,684		$	14,278,536

	Growth						Small
	Index			International			Cap
	Fund			Fund			Fund
Tax cost of portfolio investments	$	1,670,626		$	158,888,234		$	2,320,139
Gross unrealized appreciation	$	44,976		$	46,866,564		$	66,137
Gross unrealized depreciation		(33,763	)		(2,381,695	)		(28,264	)
Net unrealized appreciation	$	11,213		$	44,484,869		$	37,873

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Notes to financial statements, continued

June 30, 2007 (Unaudited)

As of December 31, 2006, the following Funds had net capital loss carryforwards to offset future net capital gains, if any:

	Amount		Expires
Intermediate Income Fund	$	270,941		2008
		532,675		2009
		673,793		2010
		157,433		2012
		1,277,637		2014
	$	2,912,479
Core Stock Fund	$	2,829,151		2011
International Fund	$	7,268,447		2010

During the year ended December 31, 2006, the following Funds utilized capital loss carryforwards:

Core Stock Fund	$	8,195,892
Value Index Fund	$	456,985
International Fund	$	15,361,436

Certain reclassification, the result of permanent differences between financial statement and income tax reporting requirements, have been made to the components of capital. These reclassifications have no impact on the net assets or net asset value per share of the Funds and are designed to present each Fund’s capital accounts on a tax basis. The following reclassifications have been made to the following Funds for the year ended December 31, 2006:

			Accumulated			Accumulated
	Paid-In		Net Investment			Net Realized
	Capital		Income (Loss)			Gains (Losses)
Intermediate Income Fund		—	$	297,376		$	(297,376	)
Core Stock Fund		—		(211,069	)		211,069
Value Index Fund		—		(10,956	)		10,956
International Fund		—		(19,892	)		19,895

On July 13, 2006, the FASB released FASB Interpretation No. 48 “Accounting for Uncertainty in Income Taxes” (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management has determined that the Funds have no uncertain tax positions as of June 30, 2007.

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Additional fund information

June 30, 2007 (Unaudited)

Security Allocation:

The MMA Praxis Mutual Funds invested, as a percentage of net assets, in the following industries as of the period ended June 30, 2007.

Intermediate Income Fund
	Percentage of
Security Allocation	Net Assets
Freddie Mac	29.8%
Fannie Mae	28.8%
Corporate Bonds	19.2%
Commercial Mortgage Backed Securities	8.3%
Securities Lending Collateral	4.0%
Federal Home Loan Bank	2.9%
Asset Backed Securities	2.3%
Government National Mortgage Assoc.	1.8%
Tennessee Valley Authority	1.3%
Corporate Notes	1.1%
Short Term Investments	1.1%
Mutual Funds	0.9%
Federal Farm Credit Bank	0.7%
Small Business Administration	0.4%
Interest Only Bonds	0.3%
Collateralized Mortgage Obligations	0.2%
Total	103.1%

Core Stock Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	97.9%
Securities Lending Collateral	10.3%
Corporate Notes	1.2%
Commercial Paper	1.0%
Short Term Investments	0.1%
Total	110.5%

Value Index Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	99.1%
Securities Lending Collateral	10.3%
Corporate Notes	0.8%
Short Term Investments	0.2%
Total	110.4%

International Fund
	Percentage of
Security Allocation	Net Assets
United Kingdom	15.4%
Japan	15.4%
France	14.4%
Securities Lending Collateral	12.7%
Switzerland	8.8%
Germany	8.5%
Netherlands	4.6%
Spain	4.0%
Norway	3.0%
Hong Kong	2.9%
Italy	2.9%
Singapore	1.6%
Greece	1.5%
Belgium	1.4%
Sweden	1.2%
Finland	1.2%
Canada	1.2%
Corporate Notes - Domestic	1.1%
Australia	1.0%
Brazil	1.0%
Taiwan	1.0%
Ireland	1.0%
Russia	0.8%
Argentina	0.7%
South Korea	0.7%
Israel	0.7%
Mexico	0.4%
Preferred Stock	0.4%
Bermuda	0.2%
Total	109.7%

Growth Index Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	97.9%
Securities Lending Collateral	3.8%
Short Term Investments	2.0%
Total	103.7%

Small Cap Fund
	Percentage of
Security Allocation	Net Assets
Common Stocks	86.0%
Short Term Investments	12.6%
Securities Lending	48.5%
Total	147.1%

111

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June 30, 2007 (Unaudited)

Proxy Voting:

The Adviser and Sub-Adviser are responsible for exercising the voting rights associated with the securities purchased and held by the Funds. A description of the policies and procedures that the Adviser and Sub-Adviser use in fulfilling this responsibility and information regarding how those proxies were voted during the twelve month period ended June 30 are available (i) without charge, upon request, by calling (800) 977-2947; and (ii) on the Securities and Exchange Commission’s (“commission’s”) Web site at http://www.sec.gov.

Quarterly Portfolio Disclosure:

The Trust files a complete listing of the Schedules of portfolio investments for each Fund as of the end of the first and third quarters of each fiscal year on Form N-Q. The complete listing (i) is available on the Commission’s Web site, (ii) may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC; and (iii) will be made available to shareholders upon request by calling (800) 977-2947. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.

The Statement of Additional Information contains more information about the Funds and can be obtained free of charge by calling (800) 977-2947.

Expense Comparison:

As a shareholder of the MMA Praxis Mutual Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution and service 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the MMA Praxis Mutual Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2007 through June 30, 2007.

Actual Expenses:

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

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	Beginning		Ending		Expense Paid		Expense Ratio
	Account Value		Account Value		During Period*		During Period**
	1/1/07		06/30/07		1/1/07-06/30/07		1/1/07-06/30/07
Intermediate Income Fund
Class A	$	1,000.00	$	1,005.70	$	4.38		0.88	%
Class B		1,000.00		1,004.40		6.61		1.33	%
Class I		1,000.00		1,007.00		3.14		0.63	%
Core Stock Fund
Class A		1,000.00		1,049.20		7.42		1.46	%
Class B		1,000.00		1,045.50		10.70		2.11	%
Class I		1,000.00		1,051.30		5.24		1.03	%
Value Index Fund
Class A		1,000.00		1,045.70		5.17		1.02	%
Class B		1,000.00		1,043.60		8.01		1.58	%
Class I		1,000.00		1,047.30		3.81		0.75	%
Growth Index Fund
Class A		1,000.00		1,017.00		2.60		1.54	%
Class B		1,000.00		1,015.00		3.50		2.08	%
Class I		1,000.00		1,017.00		2.26		1.34	%
International Fund
Class A		1,000.00		1,091.90		8.97		1.73	%
Class B		1,000.00		1,088.50		12.32		2.38	%
Class I		1,000.00		1,094.70		6.39		1.23	%
Small Cap Fund
Class A		1,000.00		1,029.00		3.49		2.06	%
Class B		1,000.00		1,028.00		4.59		2.71	%
Class I		1,000.00		1,029.00		3.14		1.85	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized.

Hypothetical Example for Comparison Purposes:

The table below provides information about hypothetical account values and hypothetical expenses based on each MMA Praxis Mutual Fund’s expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the

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relative costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning		Ending		Expense Paid		Expense Ratio
	Account Value		Account Value		During Period*		During Period**
	1/1/07		06/30/07		1/1/07-06/30/07		1/1/07-06/30/07
Intermediate Income Fund
Class A	$	1,000.00	$	1,020.43	$	4.41		0.88	%
Class B		1,000.00		1,018.20		6.66		1.33	%
Class I		1,000.00		1,021.67		3.16		0.63	%
Core Stock Fund
Class A		1,000.00		1,017.55		7.30		1.46	%
Class B		1,000.00		1,014.33		10.54		2.11	%
Class I		1,000.00		1,019.69		5.16		1.03	%
Value Index Fund
Class A		1,000.00		1,019.74		5.11		1.02	%
Class B		1,000.00		1,016.96		7.90		1.58	%
Class I		1,000.00		1,021.08		3.76		0.75	%
Growth Index Fund
Class A		1,000.00		1,005.78		2.59		1.54	%
Class B		1,000.00		1,004.88		3.49		2.08	%
Class I		1,000.00		1,006.12		2.25		1.34	%
International Fund
Class A		1,000.00		1,016.22		8.65		1.73	%
Class B		1,000.00		1,012.99		11.88		2.38	%
Class I		1,000.00		1,018.70		6.16		1.23	%
Small Cap Fund
Class A		1,000.00		1,004.91		3.45		2.06	%
Class B		1,000.00		1,003.83		4.54		2.71	%
Class I		1,000.00		1,005.26		3.10		1.85	%

*	Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.
**	Annualized.

INFORMATION FOR SHAREHOLDERS REGARDING APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT WITH MMA CAPITAL MANAGEMENT

At an in-person meeting held on February 19, 2007, the Board of Trustees of the Trust approved the Investment Advisory Agreement between Menno Insurance Service, Inc., d/b/a MMA Capital Management, and each of MMA Praxis Growth Index Fund and MMA Praxis Small Cap Fund, for an initial term. The Trustees requested and received from MMA Capital Management information relating to the Investment Advisory Agreement. They considered information relating to the Investment Advisory Agreement at in-person meetings held on November 20, 2006, February 18, 2007 and February 19, 2007, and at a special telephonic meeting held on January 15, 2007. In concluding that it was in the best interests of the Funds and their shareholders to approve the Investment Advisory Agreement for each Fund, the Board, including a majority of those Trustees who are not “interested persons” of the Funds or MMA Capital Management

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(the “Independent Trustees”) advised by independent legal counsel, gave weight to the following factors, among others:

Nature, Quality and Extent of Services

The Trustees discussed the nature, quality and extent of services MMA Capital Management would provide to the Funds. Among other things, the Trustees reviewed their findings regarding MMA Capital Management from the November 20, 2006 meeting in connection with the renewal of the Advisory Agreement for the other MMA Praxis Mutual Funds. The Trustees also reviewed the specific services that MMA Capital Management would provide to the Growth Index Fund and Small Cap Fund, and the resources supporting those services. The Board concluded that it was satisfied with the nature, quality and extent of services to be provided to the Funds by MMA Capital Management.

Investment Performance of the Funds and MMA

The Trustees reviewed each Fund’s investment objective and strategies, including its SRI processes and philosophies. The Board concluded that it would monitor investment performance of each Fund once the Funds had commenced investment operations.

Costs of Services and Profitability of MMA and Affiliates

The Trustees reviewed information and data regarding the estimated costs of providing the advisory services to the Funds and the estimated profits to be realized by MMA Capital Management and its affiliates from their relationship with the Funds. Representatives of MMA Capital Management addressed the Trustees’ questions regarding guidelines for manager selection, payment of platform fees, revenue sharing arrangements and expense waivers and reimbursements. In their review of the estimated expenses, the Trustees considered MMA Capital Management’s fees, as well as other Fund expenses, such as transfer agent fees, custodial, legal and audit fees. The Trustees also noted the estimated effects of MMA Capital Management’s voluntary expense waivers and expense reimbursements on fee and expense levels. As part of their review, the Trustees considered the expense information by Fund compared to peer group information. The Trustees also reviewed the fee structures and other information provided by MMA Capital Management regarding its services to other clients. The Board concluded that the costs of the services provided to the Funds by MMA Capital Management were fair.

Economies of Scale

The Trustees considered the extent to which economies of scale would be realized as the Funds grow and whether the investment advisory fee rates reflect those economies of scale for the benefit of the Funds’ shareholders. MMA Capital Management represented to the Trustees that MMA Capital Management would consider appropriate breakpoints as the Funds grow in size. The Board concluded that asset levels did not justify breakpoints at this time.

Other Benefits

The Trustees discussed the extent to which MMA Capital Management and its affiliates might derive other benefits, including soft dollar credits or other similar benefits from MMA Capital Management’s relationship with the Funds. Discussion ensued regarding other potential benefits to MMA Capital Management and its affiliates from their relationship with the Funds, and the Board concluded that such benefits were not material.

INFORMATION FOR SHAREHOLDERS REGARDING THE APPROVAL OF THE SUB-INVESTMENT ADVISORY AGREEMENT WITH LUTHER KING CAPITAL MANAGEMENT

At an in-person meeting held on February 19, 2007, the Board of Trustees of the Trust approved the Sub-Investment Advisory Agreement between MMA Capital Management and Luther King Capital Management, with respect to portfolio management of the MMA Praxis Small Cap Fund, for an initial term. The Trustees requested and received from Luther King Capital Management information relating to the Sub-Investment Advisory Agreement. They considered information relating to the Sub-Investment Advisory Agreement at in-

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person meetings held on November 20, 2006, February 18, 2007 and February 19, 2007, and at a special telephonic meeting held on January 15, 2007. In concluding that it was in the best interests of the Small Cap Fund and its shareholders to approve the Sub-Investment Advisory Agreement, the Board, including a majority of the Independent Trustees advised by independent legal counsel, gave weight to the following factors, among others:

Nature, Quality and Extent of Services

The Trustees considered the nature, quality and extent of services Luther King Capital Management would provide to the Small Cap Fund. Among other things, the Trustees considered MMA Capital Management’s assessment of Luther King Capital Management’s investment management capabilities based upon due diligence conducted by MMA Capital Management. The Trustees also considered Luther King Capital Management’s portfolio managers, resources, compliance program and best execution practices. The Board concluded that it was satisfied with the nature, quality and extent of services to be provided to the Small Cap Fund by Luther King Capital Management.

Investment Performance of the Small Cap Fund and Luther King Capital Management

The Trustees reviewed the Small Cap Fund’s investment objective and strategies, including its SRI processes and philosophies. The Board concluded that it would monitor investment performance of the Small Cap Fund once it had commenced investment operations.

Costs of Services and Profitability of Luther King Capital Management and Affiliates

The Trustees considered the costs of the services provided by Luther King Capital Management to the Small Cap Fund. The Trustees discussed the comparative fee information provided by Luther King Capital Management. The Board concluded that the costs of the services to be provided to the Small Cap Fund were fair.

Economies of Scale

The Trustees acknowledged Luther King Capital Management’s representation that the contractual fee rate incorporates economies of scale. The Board concluded that the rate is in line with the comparative fee information provided.

Other Benefits

The Trustees considered the extent to which Luther King Capital Management or its affiliates would derive other benefits, including soft dollar credits or other similar benefits, from Luther King Capital Management’s relationship with the Small Cap Fund. Discussion then ensued regarding Luther King Capital Management’s soft dollar practices. The Board concluded that Luther King Capital Management did not derive material benefits, other than its sub-advisory fees and traditional soft-dollar benefits, from its relationship with the Small Cap Fund.

116

JPMorgan Chase Bank, N.A.
303 Broadway, Suite 900
Cincinnati, OH 45202

2060447

Item 2. Code of Ethics.

Not required in semi-annual report filing.

Item 3. Audit Committee Financial Expert.

Not required in semi-annual report filing.

Item 4. Principal Accountant Fees and Services.

Not required in semi-annual report filing.

Item 5. Audit Committee of Listed Companies.

Not applicable.

Item 6. Schedule of Investments.

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.

Not applicable.

Item 8. Portfolio Managers of Closed-End Funds.

Not Applicable.

Item 9. Purchases of Equity Securities by Closed-End Funds.

Not Applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)   (1)   Code of Ethics. Not required in semi-annual report filing.

(a)   (2)   The certification required by Rule 30a-2 of the Investment Company Act of 1940, as amended (the “1940 Act”) is attached hereto.

(b)   The certification required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) MMA Praxis Mutual Funds                    

By (Signature and Title)

/s/ John L. Liechty          
John L. Liechty
President

Date: August 27, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ John L. Liechty          

John L. Liechty
President

Date: August 27, 2007

By (Signature and Title)

/s/ Steven T. McCabe          

Steven T. McCabe
Treasurer

Date: August 31, 2007